During the Current Year, Merchandise Is Sold for $86,000 Cash

question 143

Essay

During the current year, merchandise is sold for $86,000 cash and for $93,950 on account. The cost of the merchandise sold is $76,240. What is the amount of the gross profit?

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Definitions:

Brittle Stars

Ophiuroidea, a large class of echinoderms that are characterized by their long, slender, and often highly flexible arms, which distinguish them from starfish.

Benthos

Bottom-dwelling sea organisms that fix themselves to one spot, burrow into the sediment, or simply walk about on the ocean floor.

Organisms Category

Classification of living entities into groups based on shared characteristics, such as species, genus, family, etc., to organize biological diversity.

Aquatic Biomes

Large regions of water in the environment, such as oceans, rivers, lakes, and wetlands, characterized by distinct ecological communities.