XYZ Inc. had the following figures in its income statement: Sales $920,000 Cost of Goods Sold $320,000 Gross Profit Other Income $50,000 Salaries $220,000 Advertising $100,000 Rent $80,000 Other Expenses $50,000 Net Profit The gross profit figure is

XYZ Inc. had the following figures in its income statement: Sales $920,000 Cost of Goods Sold $320,000 Gross Profit Other Income $50,000 Salaries $220,000 Advertising $100,000 Rent $80,000 Other Expenses $50,000 Net Profit The gross profit figure is

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

XYZ Inc. had the following figures in its
income statement:
Sales $920,000
Cost of Goods Sold $320,000
Gross Profit
Other Income $50,000
Salaries $220,000
Advertising $100,000
Rent $80,000
Other Expenses $50,000
Net Profit
The gross profit figure is
Select one:
a. $920,000
b. $970,000
c. $600,000
d. $500,000
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