Calculate: (A) Net Sales, (B) Inventory Shrinkage, (C) Gross Profit

question 76

Short Answer

Calculate: (a) net sales, (b) inventory shrinkage, (c) gross profit, and (d) net income from the following:
$$\begin{array} { l r l r } \text { Sales } & \$ 3,000 & \text { Cost of Goods Sold (unadjusted) } & \$ 2,000 \\\text { Sales Discount } & 50 & \text { Merchandise Inventory } & 1,400 \\\text { Sales Returns and } & & \text { Physical Inventory Count } & 1,350 \\\text { Allowances } & 80 & \text { Operating Expenses } & 300\end{array}$$

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Definitions:

Key Problems

Fundamental or significant issues that need to be addressed to achieve goals or improve situations.

Linking Pins

Represent individuals or entities that connect different groups or levels within an organization, facilitating communication and coordination.

Interlocking Networks

A concept in organizational theory where multiple members of a board of directors serve on the boards of multiple corporations, often leading to high levels of connectivity and potential conflicts of interest.

Empowerment

What enables others to gain and use decision-making power.