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Please do not copy from Chegg. Only attempt if you are sure about the answer....

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Accounting

Please do not copy from Chegg. Only attempt if you are sure about the answer. Solve in a step by step manner, explaining each step.

Abbey Co. sold merchandise to Gomez Co. on account, $38000, terms 1/15, net 45. The cost of the merchandise sold is $24000. Abbey Co. issued a credit memo for $2800 for merchandise returned that originally cost $3800. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions?

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