A company reported the following amounts in its income statement:  Sales revenue $ 440,000 Advertising expense 60,000 Interest expense 10,000 Salaries expense 55,000 Utilities expense 25,000 Income tax expense 45,000 Cost of goods sold 180,000 What is gross profit?   Multiple Choice   $180,000   $120,000   $220,000   $260,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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A company reported the following amounts in its income statement:
 

Sales revenue $ 440,000
Advertising expense 60,000
Interest expense 10,000
Salaries expense 55,000
Utilities expense 25,000
Income tax expense 45,000
Cost of goods sold 180,000


What is gross profit?

 

Multiple Choice
  •  

    $180,000

  •  

    $120,000

  •  

    $220,000

  •  

    $260,000

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