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during the first year of operations, AI's fast food restaurant had cash sales of 200,000. other relevent information as follows: purchases- $70,000 salaries- $90,000 other

during the first year of operations, AI's fast food restaurant had cash sales of 200,000. other relevent information as follows:

purchases- $70,000

salaries- $90,000

other expenses- $10,000

ending inventory- $20,000

Al's gross profit for the year for tax purposes is 50,000.

T/F. if false, give the correct answer.

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