3. Refer to the following table: What is the gross profit? Sales revenue $460,000 Cost of goods sold 300,000 Sales discounts 20,000 Sales returns and allowances 15,000 Operating expenses 85,000 Interest revenue 5,000

3. Refer to the following table: What is the gross profit? Sales revenue $460,000 Cost of goods sold 300,000 Sales discounts 20,000 Sales returns and allowances 15,000 Operating expenses 85,000 Interest revenue 5,000

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

3. Refer to the following table:
What is the gross profit?
Sales revenue
$460,000
Cost of goods sold
300,000
Sales discounts
20,000
Sales returns and allowances 15,000
Operating expenses
85,000
Interest revenue
5,000
O$125,000
O$105,000
O$140,000
O$90,000

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Which of the following is subtracted from Gross profit to arrive at Operating income?

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