On november 1 2012 everett janitorial supply sold, Ask an Expert

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On November 1, 2012, Everett Janitorial Supply sold merchandise for $5,000, FOB destination, 2/10, n/30. The merchandise coat $3,200. Everett paid transportation costs of $100. On November 6, 2012, merchandise of $1,000 from the Nov. 1 sale was returned. The returned merchandise has a cost of $600. Everett received payment for the balance of the sale on November 10, 2012. If this were the only sales transaction of the period, what amount of Gross profit would be shown on the income statement?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9982190

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