During the year, cost of goods sold was $120,000; income from operations was $114,000; income tax expense was $24,000; interest expense was $18,000; and selling, general, and administrative expenses were $66,000. Required: Calculate net sales, gross profit, income before taxes, and net income. Exhibit 2-2 may be used as a solution model.
Chapter 2, Exercises #4
During the year, cost of goods sold was $120,000; income from operations was $114,000; income tax expense was $24,000; interest expense was $18,000; and selling, general, and administrative expenses were $66,000.
Required:
Calculate net sales, gross profit, income before taxes, and net income. Exhibit 2-2 may be used as a solution model.
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Answer
Net sales................................................................................... $ ? = 3…View the full answer
Related Book For 
Accounting What the Numbers Mean
12th edition
Authors: David Marshall, Wayne McManus, Daniel Viele
ISBN: 978-1260565492