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A company's income statement for the month of July 20X34 is as follows: Item Amount Sales $1,400,000 Cost of Goods Sold $560,000 Gross Profit ?
A company's income statement for the month of July 20X34 is as follows:
Item | Amount |
---|---|
Sales | $1,400,000 |
Cost of Goods Sold | $560,000 |
Gross Profit | ? |
Operating Expenses | $380,000 |
Depreciation Expense | $60,000 |
Income Tax Expense | $240,000 |
Net Income | ? |
Calculate the missing amounts:
- Gross Profit
- Net Income
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