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Consider the information given in the table below. Calculate the gross profit. Salaries expense $1,00,000 Sales revenue $ 5,00,000 Inventory (beginning) 17,000 Interest income 10,000 Sales returns 2,000 Cost of goods sold 3,20,000 Utilities expense 3,000 Rent expense 12,000 Income tax expense 15,000 Interest expense 1,000 Inventory (ending) 12,000

Consider the information given in the table below. Calculate the gross profit. Salaries expense $1,00,000 Sales revenue $ 5,00,000 Inventory (beginning) 17,000 Interest income 10,000 Sales returns 2,000 Cost of goods sold 3,20,000 Utilities expense 3,000 Rent expense 12,000 Income tax expense 15,000 Interest expense 1,000 Inventory (ending) 12,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Consider the information given in the table below. Calculate the gross profit. Salaries expense $1,00,000 Sales revenue $ 5,00,000 Inventory (beginning) 17,000 Interest income 10,000 Sales returns 2,000 Cost of goods sold 3,20,000 Utilities expense 3,000 Rent expense 12,000 Income tax expense 15,000 Interest expense 1,000 Inventory (ending) 12,000
Transcribed Image Text:Consider the information given in the table below. Calculate the gross profit. Salaries expense $1,00,000 Sales revenue $ 5,00,000 Inventory (beginning) 17,000 Interest income 10,000 Sales returns 2,000 Cost of goods sold 3,20,000 Utilities expense 3,000 Rent expense 12,000 Income tax expense 15,000 Interest expense 1,000 Inventory (ending) 12,000
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