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The BlueSky Corporation has provided the following information: Item Amount Operating expenses $ 2,50,00 Cost of goods sold $ 4,00,00 Net sales $ 9,00,00 Interest expense $ 20,000 Gain on sale of $ 50,000 equipment Income tax expense $ 1,10,00 What was BlueSky's gross profit? A. $250,000 B. $500,000 C. $180,000 D. $380,000

The BlueSky Corporation has provided the following information: Item Amount Operating expenses $ 2,50,00 Cost of goods sold $ 4,00,00 Net sales $ 9,00,00 Interest expense $ 20,000 Gain on sale of $ 50,000 equipment Income tax expense $ 1,10,00 What was BlueSky's gross profit? A. $250,000 B. $500,000 C. $180,000 D. $380,000

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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The BlueSky Corporation has provided the following information: Item Amount Operating expenses $ 2,50,00 Cost of goods sold $ 4,00,00 Net sales $ 9,00,00 Interest expense $ 20,000 Gain on sale of $ 50,000 equipment Income tax expense $ 1,10,00 What was BlueSky's gross profit? A. $250,000 B. $500,000 C. $180,000 D. $380,000
Transcribed Image Text:The BlueSky Corporation has provided the following information: Item Amount Operating expenses $ 2,50,00 Cost of goods sold $ 4,00,00 Net sales $ 9,00,00 Interest expense $ 20,000 Gain on sale of $ 50,000 equipment Income tax expense $ 1,10,00 What was BlueSky's gross profit? A. $250,000 B. $500,000 C. $180,000 D. $380,000
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