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The following information pertains to XYZ Corporation for the year ended December 31, 2023: Item Amount ($) Sales Revenue 5,500,000 Cost of Goods Sold 2,750,000

  1. The following information pertains to XYZ Corporation for the year ended December 31, 2023:
ItemAmount ($)
Sales Revenue5,500,000
Cost of Goods Sold2,750,000
Gross Profit?
Operating Expenses2,600,000
Depreciation Expense3,500,000
Net Income?

Requirements:

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

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