Crisol Corp. showed net income of 480,000 for the year. Selling expenses were equal to 15% of sales and also 25% of cost of good sold. All other expenses were 13% of sales. What is the gross profit for the year? A. 4,000,000 B. 2,400,000 C. 1,600,000

Crisol Corp. showed net income of 480,000 for the year. Selling expenses were equal to 15% of sales and also 25% of cost of good sold. All other expenses were 13% of sales. What is the gross profit for the year? A. 4,000,000 B. 2,400,000 C. 1,600,000

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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Question

INCOME STATEMENT

Problem 2-4

Crisol Corp. showed net income of 480,000 for the year. Selling expenses were equal to 15% of sales and also 25% of cost of good sold. All other expenses were 13% of sales.

What is the gross profit for the year?

A. 4,000,000

B. 2,400,000

C. 1,600,000

D. 2,000,000

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