Glen Corporation has sales revenue of $45,000, cost of goods sold of $25,000, and operating expenses of $12,000 for the year ended December 31. Glen's gross profit is: a. $5,000 b. $20,000 c. $18,000 d. $10,000

Glen Corporation has sales revenue of $45,000, cost of goods sold of $25,000, and operating expenses of $12,000 for the year ended December 31. Glen's gross profit is: a. $5,000 b. $20,000 c. $18,000 d. $10,000

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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Question

Please provide the answer to this general accounting question using the right approach.

Glen Corporation has sales revenue of $45,000, cost
of goods sold of $25,000, and operating expenses of
$12,000 for the year ended December 31. Glen's
gross profit is:
a. $5,000
b. $20,000
c. $18,000
d. $10,000

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