A company's total sales in a year were $2,955,000. The cost price of goods sold was $2,040,000. Given below are the overheads paid during the year. Calculate the net profit. Wages $237,500 Electricity and gas 17,300 Telephone Rent of premises Office expenses 1,790 44,050 19,080

A company's total sales in a year were $2,955,000. The cost price of goods sold was $2,040,000. Given below are the overheads paid during the year. Calculate the net profit. Wages $237,500 Electricity and gas 17,300 Telephone Rent of premises Office expenses 1,790 44,050 19,080

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

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A company's total sales in a year were $2,955,000. The
cost price of goods sold was $2,040,000. Given below
are the overheads paid during the year. Calculate the
net profit.
Wages
$237,500
Electricity and gas 17,300
Telephone
Rent of premises
Office expenses
1,790
44,050
19,080

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