Wildwood,an outdoors clothing store,reports the following information for June:
$$\begin{array} { l r l }
\text { Sales revenue } & \$ 104,000 & \text { Income tax expense } \
\text { Operating expenses } & 22,000 & \text { Cost of goods sold } \
\text { Unearned revenues } & \$ 15,000 & \text { Nonoperating revenues }
\end{array}$$
What is Wildwood's gross profit for June?

Question

Wildwood,an outdoors clothing store,reports the following information for June: 
$$\begin{array} { l r l } 
\text { Sales revenue } & \$ 104,000 & \text { Income tax expense } \
\text { Operating expenses } & 22,000 & \text { Cost of goods sold } \
\text { Unearned revenues } & \$ 15,000 & \text { Nonoperating revenues }
\end{array}$$
What is Wildwood's gross profit for June?

Quizplus · Accepted Answer

Gross profit is calculated as Sales Revenue minus Cost of Goods Sold. Since the Cost of Goods Sold is not directly provided, we assume it is the difference between Sales Revenue and Operating Expenses. Thus, Gross Profit = $104,000 - $65,000 = $39,000.

Wildwood,an Outdoors Clothing Store,reports the Following Information for June What Is Wildwood's Gross Profit for June? A)$18,000

Wildwood,an Outdoors Clothing Store,reports the Following Information for June What Is Wildwood's Gross Profit for June?
A)$18,000