Financial information is presented below: Operating expenses $ 40,000 Sales revenue 200,000 Cost of goods sold 150,000 Gross profit would be Group of answer choices $160,000. $ 40,000. $ 50,000. $ 10,000.

Financial information is presented below: Operating expenses $ 40,000 Sales revenue 200,000 Cost of goods sold 150,000 Gross profit would be Group of answer choices $160,000. $ 40,000. $ 50,000. $ 10,000.

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

Financial information is presented below:

Operating expenses	$ 40,000
Sales revenue	200,000
Cost of goods sold	150,000

Gross profit would be

Group of answer choices

$160,000.

$ 40,000.

$ 50,000.

$ 10,000.

Expert Solution

Step 1

Gross Profit: Difference between the sales and the cost of goods sold is called Gross Profit.

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