Homework Answers
a.
Gross receipts = $1,400,000 - $200,000 - $100,000 + $250,000 = $1,350,000
b.
Cost of goods sold = $150,000 + $1,300,000 - $300,000 = $1,150,000
Gross profit = $1,350,000 - $1,150,000 = $200,000
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