The following transactions occured to ABC Inc. in June: June 4 Kent Corporation purchased $4,000 worth of merchandise, terms 2/10, n/30 from ABC Inc. The cost of the merchandise to ABC Inc. was $2,600. June 10 Kent returned $700 worth of goods to ABC Inc. for full credit.
The cost of the merchandise to ABC Inc. was $450 and the inventory was replaced on the shelf. June 12 Kent paid ABC Inc. the outstanding balance. Analyze the above transactions. If ABC Inc. produced an income statement what would the gross profit be for this sale?
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