Question
In the last fiscal year Mark's Bookstore had gross sales of $300,000 with returns of $6000. At the beginning of the fiscal year, Mark had
In the last fiscal year Mark's Bookstore had gross sales of $300,000 with returns of $6000. At the beginning of the fiscal year, Mark had an inventory of $60,000. During the year he purchased a total of $120,000 worth of goods with a freight charge of $1800. The inventory at the close of the fiscal year was $75,000. Wages and salaries were $45,000, rent was $13,200, advertising was $4800, utilities were $3600, taxes on inventory and payroll were $2400, miscellaneous expenses were $8400, and income taxes were $18,000. Find the cost of goods sold, the gross profit, the net income before taxes, and the net income after taxes.
Mark's cost for goods sold was?
His gross profit was?
Mark's net income before taxes was?
His net income after taxes was?
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