Returns and allowances amounted to 2000. it purchased, Ask an Expert

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Tinnell Industries has gross sales of $30,000 for the year. Its cost for the goods sold is $18,000. Returns and allowances amounted to $2,000. It purchased equipment normally selling for $10,000 at a 20% discount. Based on these facts, what is its gross income for the year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9404710

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