During the year, net sales were $250,000; gross profit was $100,000; net income was $40,000; income tax

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During the year, net sales were $250,000; gross profit was $100,000; net income was $40,000; income tax expense was $10,000; and selling, general, and administrative expenses were $44,000.

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: 978-1259535314

11th edition

Authors: David Marshall, Wayne McManus, Daniel Viele

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