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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

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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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