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The following information is available for ABC Company for the year ended December 31, 2023: Item Amount ($) Sales Revenue 1,400,000 Cost of Goods Sold
- The following information is available for ABC Company for the year ended December 31, 2023:
Item | Amount ($) |
---|---|
Sales Revenue | 1,400,000 |
Cost of Goods Sold | 700,000 |
Gross Profit | ? |
Operating Expenses | 550,000 |
Depreciation Expense | 250,000 |
Net Income | ? |
Requirements:
- Calculate the Gross Profit.
- Determine the Net Income.
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