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A retail business had operating expenses of $185,000. Determine sales and gross profit given the cost of goods sold was $320,000 and net income was $95,000. A. Sales: $600,000; gross profit: $280,000. B. Sales: $600,000; gross profit: $320,000. C. Sales: $280,000; gross profit: $465,000. D. Sales: $465,000; gross profit: $145,000.

A retail business had operating expenses of $185,000. Determine sales and gross profit given the cost of goods sold was $320,000 and net income was $95,000. A. Sales: $600,000; gross profit: $280,000. B. Sales: $600,000; gross profit: $320,000. C. Sales: $280,000; gross profit: $465,000. D. Sales: $465,000; gross profit: $145,000.

Intermediate Accounting: Reporting And Analysis
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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A retail business had operating expenses of $185,000. Determine sales and gross profit given the cost of goods sold was $320,000 and net income was $95,000. A. Sales: $600,000; gross profit: $280,000. B. Sales: $600,000; gross profit: $320,000. C. Sales: $280,000; gross profit: $465,000. D. Sales: $465,000; gross profit: $145,000.
Transcribed Image Text:A retail business had operating expenses of $185,000. Determine sales and gross profit given the cost of goods sold was $320,000 and net income was $95,000. A. Sales: $600,000; gross profit: $280,000. B. Sales: $600,000; gross profit: $320,000. C. Sales: $280,000; gross profit: $465,000. D. Sales: $465,000; gross profit: $145,000.
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