please solve this Question with correct option value Given the following information for Bluestar Corporation, determine thegross profit.ItemAmount ($)Accounts Receivable22,000Administrative Expenses45,000Cost of Goods Sold235,000Depreciation Expense12,000Income Tax Expense8,000Inventory38,000Sales520,000Selling Expenses52,000Wage Expense95,000A) $285,000B) $225,000C) $330,000D) $245,000

Step 1: What is Gross profit Gross profit is computed after excluding the cost incurred in making…

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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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Consider the following income statement: Sales Costs Depreciation Taxes Calculate the EBIT. EBIT $748,168 486,752 110,700 Net income 23% Calculate the net income.
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Very important please be correct thank you
Very important please be correct thank you
Vijo

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