[The following information applies to the question displayed below.]
Assume the perpetual inventory method is used.
1) The company purchased $12,200 of merchandise on account under terms 2/10, n/30.
2) The company returned $1,700 of merchandise to the supplier before payment was made.
3) The liability was paid within the discount period.
4) All of the merchandise purchased was sold for $18,400 cash.
a.The amount of gross margin from the four transactions is:
$6,076. |
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$6,200. |
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$8,110. |
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$8,144. b.The net cash flow from operating activities as a result of the four transactions is:
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