During 2014, Yoder Enterprises generated revenues of $120,000. The company's expenses were as follows: cost of goods sold of $60,000, operating expenses of $24,000 and a loss on the sale of equipment of $4,000. Yoder's gross profit is

Question

Quizplus · Accepted Answer

Gross profit is calculated as revenues minus the cost of goods sold. Therefore, $120,000 (revenues) - $60,000 (cost of goods sold) = $60,000.

During 2014, Yoder Enterprises Generated Revenues of $120,000