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Refer to the following trial balance. Debit Credit Cash $16,000 Accounts Receivable 42,000 Merchandise Inventory 62,000 Supplies 18,000 Land 300,000 Accounts Payable $3,000 Notes Payable
Refer to the following trial balance.
| Debit | Credit | |
| Cash | $16,000 | |
| Accounts Receivable | 42,000 | |
| Merchandise Inventory | 62,000 | |
| Supplies | 18,000 | |
| Land | 300,000 | |
| Accounts Payable | $3,000 | |
| Notes Payable | 22,000 | |
| Common Stock | 277,000 | |
| Retained Earnings | 22,000 | |
| Dividends | 5,000 | |
| Sales Revenue | 464,000 | |
| Cost of Goods Sold | 200,000 | |
| Salaries Expense | 17,000 | |
| Utilities Expense | 68,000 | |
| Rent Expense | 55,000 | |
| Interest Expense | 5,000 | ________ |
| Totals | $788,000 | $788,000 |
How much is the gross profit?
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