Using the following information, compute gross profit: • Sales revenue $12,000 Cost of goods sold (COGS) = $7,500 • Interest expense = $1,000 ⚫ Selling and administrative expenses = $1,200 • Income tax expense = $900 • Dividends = $500 ⚫ Cash = $600 • Retained earnings (beginning) = $2,000 What is the gross profit? a. $4,500 b. $3,300 c. $6,300 d. $5,000 e. $2,100

Using the following information, compute gross profit: • Sales revenue $12,000 Cost of goods sold (COGS) = $7,500 • Interest expense = $1,000 ⚫ Selling and administrative expenses = $1,200 • Income tax expense = $900 • Dividends = $500 ⚫ Cash = $600 • Retained earnings (beginning) = $2,000 What is the gross profit? a. $4,500 b. $3,300 c. $6,300 d. $5,000 e. $2,100

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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