Solved: Abbey co sold merchandise to gomez co on account 39000, Accounting Basics

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Abbey co sold merchandise to gomez co on account 39000

Question - Abbey Co. sold merchandise to Gomez Co. on account, $39000, terms 1/15, net 45. The cost of the merchandise sold is $26000. Abbey Co. issued a credit memo for $3500 for merchandise returned that originally cost $1800. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions?

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Accounting Basics: Abbey co sold merchandise to gomez co on account 39000

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Accounting Basics: Abbey co sold merchandise to gomez co on account 39000

Reference No:- TGS02888813

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