Answered: A company has sales of $695,000 and…

A company has sales of $695,000 and cost of goods sold of $278,000. Its gross profit equals: Multiple Choice $(417,000). $695,000. $278,000.

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

A company has sales of $695,000 and cost of goods sold of $278,000. Its gross profit equals:
Multiple Choice
$(417,000).
$695,000.
$278,000.
$417,000.
$973,000.

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