Answered: The income statement account balamnces…

The income statement account balamnces for the year ended Dec. 31 shows the following: Net Sales 875,000 COGS 700,000 Expenses 143,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

The income statement account balamnces for the year ended Dec. 31 shows the following:

Net Sales 875,000

COGS 700,000

Expenses 143,000

How much is the profit?

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