The Soft Company Has Provided the Following Information

question 16

Multiple Choice

The Soft Company has provided the following information:
Allowance for doubtful accounts increased $19,000 and accounts receivable increased $390,000 during the year.
Accounts written off as uncollectible totaled $20,000.
Net sales totaled $2,700,000.
The gross profit percentage was 40%.
Sales discounts were $100,000.
How much was Soft's gross profit?

• A)$1,040,000
• B)$1,072,400
• C)$1,032,400
• D)$1,080,000

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Definitions:

Industrial Regulation

Government rules and regulations specifically aimed at controlling the activities, standards, and behaviors within specific industries.

Food and Drug Administration

A federal agency of the United States Department of Health and Human Services, responsible for protecting and promoting public health through the control and supervision of food safety, tobacco products, dietary supplements, prescription and over-the-counter pharmaceutical drugs, vaccines, biopharmaceuticals, medical devices, and veterinary products.

Federal Energy

This term could refer to the energy policies or initiatives undertaken by a federal government to manage the nation's energy resources and needs. Without more context, it's hard to provide a more specific definition.

Fuel Surcharges

Additional fees imposed by transport companies to cover the fluctuating costs of fuel, often passed on to customers.