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1. Given below is a list of accounts for The Grind caf for the quarter ended March 2021. Note: the list of accounts and amounts
1. Given below is a list of accounts for The Grind caf for the quarter ended March 2021. Note: the list of accounts and amounts are the same for Questions 16, 17 and 18.
| $ |
Sales revenue | 160,000 |
Cost of goods sold | 95,000 |
Salaries expense | 6,000 |
Advertising expense | 2,500 |
Supplies expense | 1,500 |
Rent expense | 3,000 |
Depreciation expense | 2,000 |
Interest revenue | 150 |
Interest expense | 650 |
Tax expense | 9,900 |
The operating profit or EBIT figure is:
a.
$65,000
b.
$50,000
c.
$39,600
d.
$65,150
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