Answer:
Gross profit $39,000
Explanation:
X company
Income statement ( parochial)
For the year ended, June 30 20YY
Sales revenue $104,000
Less: cost of goods sold $65,000
Gross profit $39,000
In that case, we do not use Income tax expense, Operating expenses, Deferred revenues, Non-operating revenues because those will be needed when we will calculate the net income.
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Answer:
$162,200
Explanation:
The computation of the cost recorded in the asset account is shown below:
= List price - cash discount + freight cost + installation charges
= $160,000 - $3,200 + $2,400 + $3,000
= $162,200
The cash discount is computed below:
= List price × cash discount percentage
= $160,000 × 2%
= $3,200
All other information which is given is not relevant. Hence, ignored it