Problem 3.4.2 A classified income statement showed net sales of $755,000, cost of goods sold of $384,000, and total operating expenses of $203,800 for the fiscal year ended June 30, 2024. 1. What was the gross profit on sales? 2. What was the net income from operations?
Problem 3.4.2 A classified income statement showed net sales of $755,000, cost of goods sold of $384,000, and total operating expenses of $203,800 for the fiscal year ended June 30, 2024. 1. What was the gross profit on sales? 2. What was the net income from operations?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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General accounting

Transcribed Image Text:Problem 3.4.2
A classified income statement showed net sales of
$755,000, cost of goods sold of $384,000, and total
operating expenses of $203,800 for the fiscal year
ended June 30, 2024.
1. What was the gross profit on sales?
2. What was the net income from operations?
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