A classified income statement showed net sales of $630,000, cost of goods sold of $342,000, and total operating expenses of $192,000 for the fiscal year ended June 30, 2019. 1. What was the gross profit on sales? 2. What was the net income from operations?
A classified income statement showed net sales of $630,000, cost of goods sold of $342,000, and total operating expenses of $192,000 for the fiscal year ended June 30, 2019. 1. What was the gross profit on sales? 2. What was the net income from operations?
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...
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Transcribed Image Text:A classified income statement showed net sales
of $630,000, cost of goods sold of $342,000, and
total operating expenses of $192,000 for the
fiscal year ended June 30, 2019.
1. What was the gross profit on sales?
2. What was the net income from operations?
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