During 2010, Yoder Enterprises generated revenues of $60,000. The company's expenses were as follows: cost of goods sold of $30,000, operating expenses of $12,000 and a loss on the sale of equipment of $2,000.
Yoder's gross profit is
A) $60,000.
B) $30,000.
C) $18,000.
D) $16,000.

Question

Quizplus · Accepted Answer

Gross profit is calculated as revenues minus the cost of goods sold. Therefore, $60,000 - $30,000 = $30,000.

During 2010, Yoder Enterprises Generated Revenues of $60,000