Answered: Financial information is presented…

Financial information is presented below: Operating expenses $ 42,000 Sales returns and allowances 12,000 Sales discounts 3,000 Sales revenue 165,000 Cost of goods sold 96,000

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

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Financial information is presented below:
Operating expenses
$ 42,000
Sales returns and allowances
12,000
Sales discounts
3,000
Sales revenue
165,000
Cost of goods sold
96,000
Gross profit would be

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