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

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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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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