Answered: The income statement account balamnces…

The income statement account balamnces for the year ended Dec. 31 shows the following: Net Sales 875,000 COGS 700,000 Expenses 143,000

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

The income statement account balamnces for the year ended Dec. 31 shows the following:

Net Sales 875,000

COGS 700,000

Expenses 143,000

How much is the profit?

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