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A company's income statement for the year ended December 31, 20X1, is as follows: Item Amount Sales $1,200,000 Cost of Goods Sold $600,000 Gross Profit
A company's income statement for the year ended December 31, 20X1, is as follows:
| Item | Amount |
|---|---|
| Sales | $1,200,000 |
| Cost of Goods Sold | $600,000 |
| Gross Profit | ? |
| Operating Expenses | $300,000 |
| Depreciation Expense | $50,000 |
| Income Tax Expense | $120,000 |
| Net Income | ? |
Calculate the missing amounts:
- Gross Profit
- Net Income
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Accounting Information Systems
Authors: Marshall B. Romney, Paul J. Steinbart
12th edition
132552620, 978-0132552622
