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Margaret [11]
3 years ago
6

The Callie Company has provided the following information: Operating expenses were $244,000; Cost of goods sold was $378,000; Ne

t sales were $940,000; Interest expense was $47,000; Gain on sale of a building was $84,000; Income tax expense was $142,000. What was Callie's gross profit
Business
1 answer:
creativ13 [48]3 years ago
6 0

Answer:

Callie's Gross Profit is $562000

Explanation:

Gross profit is the profit earned by a business after deducting the costs associated with producing or selling its goods (for manufacturing and trading businesses) or the costs associated with providing the services (for service businesses) from the net revenue.

It is the profit from the trading section of the business before deducting the operating and financing expenses of the business and before adding any other income.

The gross profit is simply calculated as follows,

Gross Profit = Net Revenue - Cost of Goods Sold

Callie's gross profit = 940000 - 378000

Callie's Gross Profit = 562000

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4 years ago
1. Contrast traditional economies, command economies, and economies.
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6 0
2 years ago
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as foll
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Answer:

$5,225

Explanation:

Calculation for What should Tringali report as its deferred income tax liability as of the end of its first year of operations

Using this formula

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Therefore What Tringali should report as its deferred income tax liability as of the end of its first year of operations is $5,225

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