Business, 06.05.2020 01:03 morelos7078

"Sanchez Company engaged in the following transactions during Year 1:

1) Started the business by issuing $11,100 of common stock for cash.
2) The company paid cash to purchase $6,900 of inventory.
3) The company sold inventory that cost $4,300 for $8,400 cash.
4) Operating expenses incurred and paid during the year, $3,800.

Sanchez Company engaged in the following transactions during Year 2:

1) The company paid cash to purchase $9,400 of inventory.
2) The company sold inventory that cost $8,500 for $15,000 cash.
3) Operating expenses incurred and paid during the year, $4,800.

Note: Sanchez uses the perpetual inventory system.

Sanchez's gross margin for the Year 2 is:"

What is the amount of retained earnings that will be shown on the balance sheet at December 31, Year 2?

a) $12,500
b) $2800
c) $2100
d) $7600

Answers: 2

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"Sanchez Company engaged in the following transactions during Year 1:

1) Started the bu...

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