On June 30, B&B Inc. a food catering service in Plano had billable revenue of $15,400...
On June 30, B&B Inc. a food catering service in Plano had billable revenue of $15,400 for the month of June, cost of goods sold of $14,200. B&B also collected $11,800 of cash for walk in sales for the month and had Administrative Expenses of $400.
Under point-of-sale revenue recognition, how much gross profit will B&B recognize during the year?
A. $15,400
B. $12,600
C. $11,800
D. $13,000
Homework Answers
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Gross profit = Sales - Cost of Goods Sold = (15,400 + 11,800) - 14,200 = 27,200 - 14,200 = 13,000 Option D |
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