Given the Following for a Company: Sales $48,000, Sales Returns

question 33

Multiple Choice

Given the following for a company: sales $48,000, sales returns and allowances $6,000, operating expenses $6,200, beginning inventory $900, net purchases $9,100, ending inventory $2,300, find the company's gross profit.

• A)$34,000
• B)$43,000
• C)$34,003
• D)$34,300
• E)None of these

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Definitions:

Colonists

People who settle in a new territory but remain subjects or citizens of their parent state or country.

Colonial Governments

The administrative bodies established by colonial powers to rule over their overseas colonies, often imposed without the consent of the native populations.

New England

A region in the northeastern corner of the USA, consisting of six states: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut, known for its distinct historical roots.

Chesapeake Colonies

English settlements in the Chesapeake Bay region, namely Virginia and Maryland, established in the 17th century, known for their tobacco-based plantation economy.