A company has the following data regarding its income statement items for the year: Sales Revenue: $500,000
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Question:
A company has the following data regarding its income statement items for the year:
- Sales Revenue: $500,000
- Cost of Goods Sold: $300,000
- Rent Expense: $40,000
- Utilities Expense: $20,000
- Advertising Expense: $10,000
- Salaries Expense: $80,000
Calculate the company's Gross Profit, Operating Profit and Net Profit for the year.
Related Book For
Federal Taxation 2018 Corporations, Partnerships, Estates & Trusts
ISBN: 9780134550923
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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