Homework Answers
14) answer b
Inventory value decreases and current liabilities will be decreased.
They didn't pay - so they will be in current liabilities ( account payable) now they need not pay so it will decrease
In asset side- inventory is recorded with cost , after return the value will be reduced . So they is decrease in current assets ( inventory).
6) answer B
Net sales = sales revenue - sales return - discount allowed
Net sales = 367810-24180
Net sales = $343630
Gross profit = net sales -cost of goods sold- other expenses
Gross profit= 343630- 216490-28500
Gross profit= $98640
Net sales $343630 and gross margin(gross profit) $98640.
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A)
B)
C)
D)
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