Answered: The following information relates to…

The following information relates to Blake Auto Supply. Net Sales Revenue $196,000 Cost of Goods Sold 150,000 Interest Revenue 11,000 Operating Expenses 42,500 Calculate the net

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

The following information relates to Blake Auto Supply.

Net Sales Revenue	$196,000
Cost of Goods Sold	150,000
Interest Revenue	11,000
Operating Expenses	42,500

Calculate the net income of Blake Auto Supply.

$220,000

$56,500

$14,500

$3500

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