Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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The Golden Gate Company had the following Sales and Expenses during its first year of
operations:
Freight in
$30,000
Purchases
$75,000
Advertising
$35,000
Salaries-Sales staff
$90,000
Sales
$280,000
Property Taxes - Store
$10,500
$8,000
Insurance - Store
Merchandise Inventory, yearend $55,000
Given the above information, determine Golden Gate's gross margin for the year. Note
that since this was the company's first year of operations, beginning inventory was zero.
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Transcribed Image Text:The Golden Gate Company had the following Sales and Expenses during its first year of operations: Freight in $30,000 Purchases $75,000 Advertising $35,000 Salaries-Sales staff $90,000 Sales $280,000 Property Taxes - Store $10,500 $8,000 Insurance - Store Merchandise Inventory, yearend $55,000 Given the above information, determine Golden Gate's gross margin for the year. Note that since this was the company's first year of operations, beginning inventory was zero.
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