Problem 4.2 A classified income statement showed net sales of $630,000, cost of goods sold of $342,000, and total operating expenses of $192,000 for the fiscal year ended June 30, 2019. 1. What was the gross profit on sales? 2. What was the net income from operations?

Principles of Accounting Volume 1
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ISBN:9781947172685
Author:OpenStax
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Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...
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Problem 4.2
A classified income statement showed net
sales of $630,000, cost of goods sold of
$342,000, and total operating expenses of
$192,000 for the fiscal year ended June 30,
2019.
1. What was the gross profit on sales?
2. What was the net income from
operations?
Transcribed Image Text:Problem 4.2 A classified income statement showed net sales of $630,000, cost of goods sold of $342,000, and total operating expenses of $192,000 for the fiscal year ended June 30, 2019. 1. What was the gross profit on sales? 2. What was the net income from operations?
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