VORTH SHORES 12) Which of the following items may be classified as nonoperating revenues and expenses? A) Interest expense B) Loss on the sale of equipment C) Interest revenue D) All of the other answers are classified as nonoperating revenues and expenses. 13) Gross profit is calculated as net sales minus: A) Nooperating expenses and income tax expense. B) Operating expenses. C) Cost of goods sold. D) All of the other answers are subtracted from net sales to calculate gross profit. USE FOR THE FOLLOWING TWO QUESTIONS: 14) LeGrand Corportion reported the following amounts in its income statement: Sales revenue Advertising expense Interest expense Salaries expense Utilities expense Income tax expense Cost of goods sold S 440,000 60.000 10,000 55,000 25.000 45.000 180.000 What was LeGrand's gross profit? A) $260,000 B) S180,000 C) $220,000 D) S120,000 15. LeGrand Corporation reported the following amounts in its income statement: Sales revenue Advertising expense Interest expense Salaries expense Utilities expense Income tax expense Cost of goods sold $ 440,000 60,000 10,000 55,000 25,000 45,000 180,000 What was LeGrand's operating income? A) $120,000 B) $260,000 C) $110,000 D) $65,000