Nichole Company Had Net Sales of $500,000 and Cost of Goods

question 108

Essay

Nichole Company had net sales of $500,000 and cost of goods sold of $350,000. Calculate Nichole's gross profit.

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Definitions:

Language

is a system of communication used by a particular community or country, consisting of written, spoken, or signed words and the methods of combining them to create meaning.

Novation

A mutual agreement, between all parties concerned, for the discharge of a valid existing obligation by the substitution of a new valid obligation on the part of the debtor or another, or a like agreement for the discharge of a debtor to his creditor by the substitution of a new creditor.

Delegator

A person or entity that assigns tasks or duties to another party (the delegatee) while maintaining ultimate responsibility.

Obligation

A duty or commitment requiring an individual or entity to act in a certain way, often legally binding.