During the year, net sales were $125,000; gross profit was $50,000; net income was $20,000; income tax

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During the year, net sales were $125,000; gross profit was $50,000; net income was $20,000; income tax expense was $5,000; and selling, general, and administrative expenses were $22,000.

Required:
Calculate cost of goods sold, income from operations, income before taxes, and interest expense.

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Accounting What the Numbers Mean

ISBN: 978-0078025297

10th edition

Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele

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