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A company's income statement for the month of September 20X7 is as follows: Item Amount Sales $400,000 Cost of Goods Sold $160,000 Gross Profit ?
A company's income statement for the month of September 20X7 is as follows:
| Item | Amount |
|---|---|
| Sales | $400,000 |
| Cost of Goods Sold | $160,000 |
| Gross Profit | ? |
| Operating Expenses | $100,000 |
| Depreciation Expense | $15,000 |
| Income Tax Expense | $40,000 |
| Net Income | ? |
Calculate the missing amounts:
- Gross Profit
- Net Income
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Principles of Accounting
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
12th edition
978-1133603054, 113362698X, 9781285607047, 113360305X, 978-1133626985
