The Callie Company has provided the following information:

Operating expenses were $245,000;

Cost of goods sold was $380,000;

Net sales were $950,000;

Interest expense was $48,000;

Gain on sale of a building was $85,000;

Income tax expense was $144,800;

What was Callie's gross profit?

$190,000.

$570,000.

$227,000.

$325,000.

2.)

The Callie Company has provided the following information:

Operating expenses were $235,000;

Cost of goods sold was $320,000;

Net sales were $850,000;

Interest expense was $38,000;

Gain on sale of a building was $75,000;

Income tax expense was $66,400;

What was Callie's income before taxes?

$210,000.

$247,000.

$530,000.

$332,000.

3.)

Kryton Corp. has provided the following information:

Gross profit was $997,500;

Cost of goods sold was $500,000;

Net income was $580,000.

What was Kryton's gross profit percentage?

50.1%

38.7%

66.6%

172%

4.)

The Nellie Company has provided the following information:

Operating expenses were $115,000;

Gross profit was $629,000;

Cost of goods sold was $470,000

Interest expense was $17,000;

Extraordinary loss was $29,000;

Income tax expense was $187,200.

What was Nellie's operating income?

$309,800.

$497,000.

$514,000.

$54,000.

5.)

Which of the following statements is false when a company sells inventory costing $700 for $1,400?

	Gross profit is $700.
	Cost of goods sold is $700.
	Stockholders