A company reported the following data for the year ending 2018: Description Amount Sales Sales discount...

 

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A company reported the following data for the year ending 2018: Description Amount Sales Sales discount Sales returns and allowances Cost of goods sold Operating expense Income tax expense $400,000 $16,000 $13,000 $117,000 $153,000 $23,750 Compute the amount of gross profit to be reported on the income statement. a. $101,000 b. $117,000 c. $254,000 d. $124,750 A company reported the following data for the year ending 2018: Description Amount Sales Sales discount Sales returns and allowances Cost of goods sold Operating expense Income tax expense $400,000 $16,000 $13,000 $117,000 $153,000 $23,750 Compute the amount of gross profit to be reported on the income statement. a. $101,000 b. $117,000 c. $254,000 d. $124,750