6) The gross profit rate is computed by dividing gross profit by a. cost of goods sold. b. net income. C. net sales. d. sales revenue. 7) During 2020, Wu Han Co. generated revenues of $95,000. The company's expenses were as follows: cost of goods sold of $47,000, operating expenses of $16,000 and a loss on the sale of equipment of $5,000. What was the gross profit? 8) The following transactions took place for Tanaka company during their first month nof operations: 1. Purchased equipment on account for $9,800. 2. Billed customers $5,600 for services performed. 3. Made payment of $2,400 on account for equipment purchased earlier in month. 4. Collected $3,900 on customer accounts. 1. What is the balance in Accounts Payable at June 30, 2020? 2. What is the balance in Accounts Receivable at June 30, 2020