Using the Following Information, What Is the Amount of Gross

question 74

Multiple Choice

Using the following information, what is the amount of gross profit??? $$\begin{array} { | l | r | l | l | r | } \hline \text { Purchases } & \$ 32,000 && \text { Selling expenses } & \$ 960 \\\hline \begin{array} { l } \text { Merchandise inventory, } \\\text { September 1 }\end{array} & 5,700 & & \begin{array} { l } \text { Merchandise inventory, } \\\text { September 30 }\end{array} & 6,370 \\\hline \text { Administrative expenses } & 910 & & \text { Sales } & 63,000 \\\hline \text { Rent revenue } & 1,200 & & \text { Interest expense } & 1,040 \\\hline\end{array}$$ ?

• A) $25,300
• B) $31,670
• C) $30,600
• D) $62,840

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Definitions:

Alexander Hamilton

A Founding Father of the United States, key author of the Federalist Papers, the first Secretary of the Treasury, and architect of the early American financial system.

Alternative Plans

Strategies or methods considered or proposed as substitutes for initially proposed plans, often in response to unforeseen challenges or failures.

Creek

A Native American people originally from the southeastern United States, also known as the Muscogee.

Cherokee

A Native American people originally from the southeastern United States, known for their rich culture, history, and forced removal on the Trail of Tears.