None of the above. QUESTION 17 Marcus started a small business in 2017. During 2

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None of the above. QUESTION 17 Marcus started a small business in 2017. During 2017 the business purchased $40,000 of inventory The business sold inventory costing $25,000 for $35,000 cash. The business paid $5,000 of salary to its salesperson These were the only transactions during 2017 Which of the following is accurate for 2017s financial statements? Net income is $5,000 and Gross Margin is $10.,000 Cost of Goods Sold is $35,000 and Inventory is $15,000 Cost of Goods Sold is $25,000 and Gross Margin is $5.000 ? Cost of Goods Sold is S35000 and Gross Margin is S10000 Click Save and Submit to save and submit. Chok Save alve all anscers

Explanation / Answer

Ans. A

Particulars Amount$

Sales. 35000

(-)c.o.g.s. (25000)

Gross margin . 10000

(-)salary to sales men. (5000)

Net income. 5000$

  

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