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Author Question: Joe's Kites is preparing an income statement. Net sales equal 175,000 . Returns and allowances equal ... (Read 122 times)

jc611

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on: Jun 29, 2018
Joe's Kites is preparing an income statement. Net sales equal 175,000 . Returns and allowances equal 16,000 . Costs of goods sold equal 95,000 . What is Joe's gross margin?
 a. 64,000
  b. 80,000
  c. 96,000
  d. 159,000
  e. 191,000

Question 2

_____ is the cost of merchandise that has been sold during the period.
 a. Gross sales
  b. Operating margin
  c. Cost of goods sold
  d. Gross margin
  e. Net sales


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kthug

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

C


jc611

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Reply #2 on: Jun 29, 2018
Thank you


kthug

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Reply #3 on: Jun 29, 2018
No problemo


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