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A company's income statement for the month of December 20X22 is as follows: Item Amount Sales $900,000 Cost of Goods Sold $360,000 Gross Profit ?

A company's income statement for the month of December 20X22 is as follows:

ItemAmount
Sales$900,000
Cost of Goods Sold$360,000
Gross Profit?
Operating Expenses$240,000
Depreciation Expense$40,000
Income Tax Expense$130,000
Net Income?

Calculate the missing amounts:

  1. Gross Profit
  2. Net Income

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