During 2019, Syed Enterprises generated revenues of $100,000. The company's expenses were as follows: cost of goods sold of $55,000, operating expenses of $20,000, and a gain on the sale of equipment of $5,000. Syed's gross profit is: a. $25,000. b. $30,000. c. $45,000. d. $55,000.
During 2019, Syed Enterprises generated revenues of $100,000. The company's expenses were as follows: cost of goods sold of $55,000, operating expenses of $20,000, and a gain on the sale of equipment of $5,000. Syed's gross profit is: a. $25,000. b. $30,000. c. $45,000. d. $55,000.
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 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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Syed's gross profit is ? General accounting
Transcribed Image Text:During 2019, Syed Enterprises generated revenues of $100,000. The
company's expenses were as follows: cost of goods sold of $55,000,
operating expenses of $20,000, and a gain on the sale of equipment of
$5,000. Syed's gross profit is:
a. $25,000.
b. $30,000.
c. $45,000.
d. $55,000.
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