Solved: Gomez co paid the invoice within the discount period what, Accounting Basics

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Gomez co paid the invoice within the discount period what

Question - Abbey Co sold merchandise to Gomez Co. on account $35,000, terms 2/15, net 45. The cost of the merchandise sold was $24,500. Abbey Co. issued a credit memo for $3,600 for merchandise returned that originally cost $1,700. Gomez Co. paid the invoice within the discount period. What was the amount of gross profit earned by Abbey Co. on the transaction above?

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Accounting Basics: Gomez co paid the invoice within the discount period what

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