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The following information pertains to ABC Corporation for the year ended December 31, 2023: Item Amount ($) Sales Revenue 12,400,000 Cost of Goods Sold 6,200,000

  1. The following information pertains to ABC Corporation for the year ended December 31, 2023:
ItemAmount ($)
Sales Revenue12,400,000
Cost of Goods Sold6,200,000
Gross Profit?
Operating Expenses6,250,000
Depreciation Expense10,500,000
Net Income?

Requirements:

  1. Calculate the Gross Profit.
  2. Determine the Net Income.

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