Evening Story Corporationhas sales of $4,944,222;income tax of $571,164;selling,general,andadministrative expenses of$282,528; depreciation of$306,623; cost of goods soldof $2,520,358; and interestexpense of $188280. Calculatethe amount of the firm's grossprofit.

Gross Profit = Sales − Cost of Goods SoldGiven the data:Sales: $4,944,222Cost of Goods Sold:…

Answered: Evening Story Corporation has sales of…

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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Evening Story Corporation has sales of $4,944,222; income tax of $571,164; selling, general, and administrative expenses of $282,528; depreciation of $306,623; cost of goods sold of $2,520,358; and interest expense of $188280. Calculate the amount of the firm's gross profit.