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Chen Company has net sales of $ 500,000, cost of goods sold of $ 300,000, and interest expense of $ 10,000. What is the amount of gross profit on sales? Question 29 options: $200,000 $198, 000 $202, 000 None of these

Chen Company has net sales of $ 500,000, cost of goods sold of $ 300,000, and interest expense of $ 10,000. What is the amount of gross profit on sales? Question 29 options: $200,000 $198, 000 $202, 000 None of these

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Chen Company has net sales of $ 500,000, cost of goods sold of $ 300,000, and interest expense of $ 10,000. What is the amount of gross profit on sales? Question 29 options: $200,000 $198, 000 $202, 000 None of these
Transcribed Image Text:Chen Company has net sales of $ 500,000, cost of goods sold of $ 300,000, and interest expense of $ 10,000. What is the amount of gross profit on sales? Question 29 options: $200,000 $198, 000 $202, 000 None of these
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