JCS Incorporated Experienced the Following Transactions During Its First Year

question 47

Multiple Choice

JCS Incorporated experienced the following transactions during its first year of business.The company purchased $16,000 of merchandise from Kent Company.The company paid $2,000 for selling and administrative expenses and purchased land for $5,000.All of the merchandise purchased was sold for $30,000 cash.What is the company's gross margin?

• A)$7,000
• B)$14,000
• C)$23,000
• D)$30,000

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