169. Describe the major differences in preparing the financial statements for a service business and a merchandising business. Service Business Merchandising Business Income Statement: Income...

169. Describe the major differences in preparing the financial statements for a service business and a merchandising business.

Service Business
Merchandising Business

Income Statement: Income Statement:

Balance Sheet: Balance Sheet:

170. Calculate the gross profit for Jonas Company based on the data given below:

Sales$835,000

Selling Expenses52,500

Cost of Merchandise Sold476,000

Sales Discounts7,100

Sales Returns and Allowances3,650

171. During the current year, merchandise is sold for $86,000 cash and for $93,950 on account. The cost of the merchandise sold is $76,240. What is the amount of the gross profit?