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

A-whats is the amount of gross profit?

B-compare the gross profit percentage(gross profit divided by sales)

C-will the income statement necessarily report a net income. Explain.

Amount of net sales : For the fiscal year,sales were $5,280,000,sales discounts were $100,000, sales returns and allowances were $75,000 and the cost of the merchandise sold was $3,000,000. (A) what is the amount of net sales? |

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Amount of gross profit : During the current year merchandise is sold for $795,000.the cost of the merchandise sold is $477,000. (A) whats is the amount of gross profit? |

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