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 The following account information is from ABC's Hair Products 12/31/20xx Partial Adjusted Trial Balance

Accounting Nov 29, 2020

 The following account information is from ABC's Hair Products 12/31/20xx Partial Adjusted Trial Balance. What is the dollar ($) amount of ABC's Hair Products gross profit? Account Name Normal Account Balance Cash $20,000 Inventory Deferred Revenue $10.453 $10,000 $23,000 Retained Earnings Sales Revenue Rent Expense $115,000 $22,614 $64.921 Cost of Goods Sold Income Tax Expense $11,453 Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24. 123. you would only input: 24123

Expert Solution

The formula for gross profit is,

Gross profit = Sales revenue - cost of goods sold

Gross profit = 115,000 - 64,921

Gross profit = 50,079

Hence, 50079 is the correct answer.

SUMMARY:

50079 is the correct answer.

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