Consider the information given in the table below for Savannah Industries. Calculate the gross profit. Salaries expense $120,000 Sales revenue $620,000 Inventory (beginning) 22,000 Interest income 12,000 Sales returns 3,500 Cost of goods sold 410,000 Utilities expense 5,000 Rent expense 14,000 Income tax expense 20,000 Interest expense 2,500 Inventory (ending) 15,000
Consider the information given in the table below for Savannah Industries. Calculate the gross profit. Salaries expense $120,000 Sales revenue $620,000 Inventory (beginning) 22,000 Interest income 12,000 Sales returns 3,500 Cost of goods sold 410,000 Utilities expense 5,000 Rent expense 14,000 Income tax expense 20,000 Interest expense 2,500 Inventory (ending) 15,000
Chapter22: S Corporations
Section: Chapter Questions
Problem 16CE
Related questions
Question
Calculate the gross profit?
Transcribed Image Text:Consider the information given in the table below for Savannah
Industries. Calculate the gross profit.
Salaries expense
$120,000 Sales revenue
$620,000
Inventory (beginning) 22,000
Interest income
12,000
Sales returns
3,500
Cost of goods sold 410,000
Utilities expense
5,000
Rent expense
14,000
Income tax expense
20,000
Interest expense
2,500
Inventory (ending)
15,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you