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Your firm has the following income statement items sales of $50,250

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Your firm has the following income statement items: sales
of $50,250,000; income tax of $1,744,000; operating
expenses of $10,115,000; cost of goods sold of
$35,025,000; and interest expense of $750,000. What is
the amount of the firms gross profit?A. $18,000,000B.
$15,225,000C. $5,000,110D. $6,632,000
Solution
Gross profit = Sales - cost of goods sold
= 50,250,000 - 35,025,000 = $15,225,000
hence answer is option \"b\".

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Your firm has the following income statement items: sales of $50,250,000; income tax of $1,744,000; operating expenses of $10,115,000; cost of goods sold of $35,025,000; and interest expense of $750,000. What is the amount of the firm’s gross profit?A. $18,000,000B. $15,225,000C. $5,000,110D. $6,6 ...
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