Business, 31.03.2020 01:03 lol15arec001

Abbey Co. sold merchandise to Gomez Co. on account, $34,600, terms 2/15, net 45. The cost of the goods sold was $15,841. Abbey Co. issued a credit memo for $4,200 for merchandise returned that originally cost $1,108. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions

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Abbey Co. sold merchandise to Gomez Co. on account, $34,600, terms 2/15, net 45. The cost of the goo...