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

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

170. 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?

171. Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the merchandise sold is $24,500. Abbey Co. issued a credit memo for $3,600 for merchandise returned that originally cost $1,700. The Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions?

172. Based upon the following data, determine the cost of merchandise sold for August.