1. What is the amount of Net Sales that ABC would report on its Income Statement?

$3,000,000

$2,920,000

$3,200,000

$2,970,000

2. What is the amount of Gross Profit that ABC would report on its Income Statement?

$1,300,000

$1,220,000

$1,500,000

$1,270,000

3. What is the TOTAL amount of Operating Expenses that ABC would report on its Income Statement?

$506,000

$500,000

$554,000

$440,000

ABC Company has the following information available on December 31, 2017. The tax rate is 25% $6,000 Sales Salaries $240,000 $16,000 Cash $200,000 Sales Revenue $3,000,000 $60,000 Interest Expense Interest Revenue Administrative Salaries Depreciation (40% selling: 60% administrative Cost of Goods Sold Sales Returns & Allowances Loss on Sale of South American Division Gain on Sale of Equipment $200,000 Dividends Paid $48,000 $1,700,000 ales $30,000 $70,000 $84,000 $50,000 Discounts