Crisol Corp. showed net income of 480,000 for the year. Selling expenses were equal to 15% of sales and also 25% of cost of good sold. All other expenses were 13% of sales. What is the gross profit for the year? A. 4,000,000 B. 2,400,000 C. 1,600,000
Crisol Corp. showed net income of 480,000 for the year. Selling expenses were equal to 15% of sales and also 25% of cost of good sold. All other expenses were 13% of sales. What is the gross profit for the year? A. 4,000,000 B. 2,400,000 C. 1,600,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter1: Accounting And The Financial Statements
Section: Chapter Questions
Problem 26BE: Brief Exercise 1-26 Income Statement An analysis of the transactions of Rutherford Company for the...
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INCOME STATEMENT
Problem 2-4
Crisol Corp. showed net income of 480,000 for the year. Selling expenses were equal to 15% of sales and also 25% of cost of good sold. All other expenses were 13% of sales.
What is the gross profit for the year?
A. 4,000,000
B. 2,400,000
C. 1,600,000
D. 2,000,000
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