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QUESTION: Financial information is presented below: Operating expenses $54,000 Sales returns and allowances 6,000 Sales discounts 8,000 Sales revenue 178,000 Cost of goods sold 92,000 Gross Profit would be: a. $92,000. b. $80,000. c. $86,000. d. $72,000.

QUESTION: Financial information is presented below: Operating expenses $54,000 Sales returns and allowances 6,000 Sales discounts 8,000 Sales revenue 178,000 Cost of goods sold 92,000 Gross Profit would be: a. $92,000. b. $80,000. c. $86,000. d. $72,000.

FINANCIAL ACCOUNTING
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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QUESTION: Financial information is presented below: Operating expenses $54,000 Sales returns and allowances 6,000 Sales discounts 8,000 Sales revenue 178,000 Cost of goods sold 92,000 Gross Profit would be: a. $92,000. b. $80,000. c. $86,000. d. $72,000.
Transcribed Image Text:QUESTION: Financial information is presented below: Operating expenses $54,000 Sales returns and allowances 6,000 Sales discounts 8,000 Sales revenue 178,000 Cost of goods sold 92,000 Gross Profit would be: a. $92,000. b. $80,000. c. $86,000. d. $72,000.
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