Given the following information, calculate ABC Corp’s Net Income: Sales: $260,000 Cost of Goods Sold: $100,000...
Given the following information, calculate ABC Corp’s Net Income:
- Sales: $260,000
- Cost of Goods Sold: $100,000
- Salaries and Wages: $20,000
- Rent Expense: $65,000
- Advertising Expense: $35,000
Using the above information, calculate ABC Corp’s Gross Profit.
Homework Answers
Net income = Sales - Cost of Goods Sold - Salaries and Wages - Rent Expense - Advertising Expense
Net income = $260,000 - $100,000 - $20,000 - $65,000 - $35,000
Net income = $40,000
Gross profit = Sales - Cost of Goods Sold
Gross profit = $260,000 - $100,000
Gross profit = $160,000
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