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Page 3 of 5 - ZOOM + GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods s

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22) Sales = 875000+12000 = 887000

23) Gross profit = 875000-425000 = 450000

24) Operating expenses = 285000+95000+7500 = 387500

25) Income before income tax = 450000-387500 = 62500

26) Income tax expense = (62500-3000)*20% = 11900

27) Net income = 62500-3000-11900 = 47600

28) Gross profit ratio = 450000/875000 = 51.4%

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