During the year, cost of goods sold was $80,000; income from operations was $76,000; income tax expense

Question:

During the year, cost of goods sold was $80,000; income from operations was $76,000; income tax expense was $16,000; interest expense was $12,000; and selling, general, and administrative expenses were $44,000.

Required:

Calculate net sales, gross profit, income before taxes, and net income. (Exhibit 2-2 may he used as a solution model.)


Exhibit 2-2MAIN STREET STORE, INC. Income Statement For the Year Ended August 31, 2017 $1,200,000 850,000 Net sales. Cost of goods

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Accounting What the Numbers Mean

ISBN: 978-1259535314

11th edition

Authors: David Marshall, Wayne McManus, Daniel Viele

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