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Harvey works for Ice Cream Dream, a company that sells commercial ice cream makers. Ice Cream Dream normally has a gross profit percentage of 30%. Harvey's wife loves ice cream, so he decides to buy her a commercial ice cream maker for her birthday. Harvey paid $650 for a machine that would have normally retailed for $1,000. What, if any, amount must be included in Harvey's gross income

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ogorwyne

Answer:

$50

Explanation:

Sales - gross profit

Sales = $1000

Gross profit = 1000 *30%

= $300

1000 - 300

= $700, this value is the actual cost

Actual cost = $700

The amount paid = $650

To calculate the amount to be included, we subtract the amount paid from actual cost

= $700 - $650

= $50

Amount to be included in harveys grow income = $50

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