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or Max Company, the following information is available: Cost of goods sold $390,000 Dividend revenue 15,000 Income tax expense 36,000 Operating expenses 138,000 Sales revenue
or Max Company, the following information is available:
Cost of goods sold $390,000
Dividend revenue 15,000
Income tax expense 36,000
Operating expenses 138,000
Sales revenue 600,000
If Max uses a multip-step income statement format then gross profit should be reported at $210,000.
Select one: True False
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