Question

Use this information to answer the following question. The selected accounts and balances for Keystone Market appear as follows: Advertising Expense $14,000 Arthur Tatum, Capital 140,000 Arthur Tatum, Withdrawals 21,000 Freight-In 7,000 Freight-Out Expense 10,000 Interest Income 24,000 Merchandise Inventory (Jan. 1) 70,000 Merchandise Inventory (Dec. 31) 56,000 Purchases 60,000 Purchases Returns & Allowances 4,000 Rent Expense 9,000 Sales 169,000 Sales Returns and Allowances 19,000 Wages Expense 32,000 The gross margin would be _______. a $80,000 b $73,000 c $92,000 d $86,000

 



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