Description of this paper

Baxter's operating income for the month of August, 2014

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solution


Question

I am taking a quiz and need help with the following below today. Thanks.;Kern Company sells merchandise on account for $8,000 to Block Company with credit terms of 2/10, n/30. Block Company returns $1,600 of merchandise that was damaged, along with a check to settle the account within the discount period.;What is the amount of the check?;Jake's Market recorded the following events involving a recent purchase of merchandise;Received goods for $60,000, terms 2/10, n/30.;Returned $1,200 of the shipment for credit.;Paid $300 freight on the shipment.;Paid the invoice within the discount period.;As a result of these events, the company's inventory increased by;Financial information is presented below;Operating Expenses $ 90,000;Sales Returns and Allowances 26,000;Sales Discounts 12,000;Sales 300,000;Cost of Goods Sold 158,000;Gross profit would be;During August, 2014, Baxter?s Supply Store generated revenues of $60,000. The company?s expenses were as follows: cost of goods sold of $36,000 and operating expenses of $4,000. The company also had rent revenue of $1,000 and a gain on the sale of a delivery truck of $2,000.;Baxter's operating income for the month of August, 2014 is

 

Paper#20443 | Written in 18-Jul-2015

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