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During the current year merchandise is sold for 795000 the

1. During the current year, merchandise is sold for $795,000. The cost of the merchandise sold is $477,000.

a. What is the amount of the gross profit?

b. Compute the gross profit percentage (gross profit divided by sales).

c. Will the income statement necessarily report a net income? Explain.

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Accounting Basics: During the current year merchandise is sold for 795000 the

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