Abbey Co. sold merchandise to Gomez Co. on account, $35,900, terms 2/15, net 45. The cost of the merchandise sold was $13,100. Abbey Co. issued a credit memo for $3,500 for merchandise returned that originally cost $1,400. 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, $35,900, terms 2/15, net 45. The cost of the mer...
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