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JKL Enterprises reports the following: net sales of $420,000, cost of goods sold of $315,000, selling expenses of $40,000, and administrative expenses of $25,000. What is the gross profit? A. $40,000 B. $65,000 C. $105,000 D. $80,000

JKL Enterprises reports the following: net sales of $420,000, cost of goods sold of $315,000, selling expenses of $40,000, and administrative expenses of $25,000. What is the gross profit? A. $40,000 B. $65,000 C. $105,000 D. $80,000

Intermediate Accounting: Reporting And Analysis
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 2MC: The following information is available for Cooke Company for the current year: The gross margin is...
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JKL Enterprises reports the following: net sales of $420,000, cost of goods sold of $315,000, selling expenses of $40,000, and administrative expenses of $25,000. What is the gross profit? A. $40,000 B. $65,000 C. $105,000 D. $80,000
Transcribed Image Text:JKL Enterprises reports the following: net sales of $420,000, cost of goods sold of $315,000, selling expenses of $40,000, and administrative expenses of $25,000. What is the gross profit? A. $40,000 B. $65,000 C. $105,000 D. $80,000
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