Chapter 8, Problem 8.4EYCT

Calculate dynamic net income for the year?

A firm has sales of $2, 800, depreciation of $200, earnings before interest and taxes (EBIT) of $900, and other operating expenses of $400. What is the gross profit?

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Assume that sales are $450,000, sales discounts are $10,000, net income is $35,000, and cost of goods sold is $320,000. Gross profit and operating expenses are, respectively: a. $120,000 and $95,000. b. $120,000 and $85,000. c. $130,000 and $95,000. d. $130,000 and $85,000.

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