In 2014, Rooney Company had net sales of $600,000 and cost of goods sold of $360,000. Operating expenses were $150,000, and interest expense was $15,000.
Instructions
(a) Compute Rooney's gross profit.
(b) Compute the gross profit rate.
(c) What is Rooney's income from operations and net income?

Question

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The Answer of In 2014, Rooney Company had net sales of $600,000 and cost of goods sold of $360,000. Operating expenses were $150,000, and interest expense was $15,000.
Instructions
(a) Compute Rooney's gross profit.
(b) Compute the gross profit rate.
(c) What is Rooney's income from operations and net income?

In 2014, Rooney Company Had Net Sales of $600,000 and Cost