A company had expenses other than cost of goods sold of $250,000.Determine sales and gross profit given cost of goods sold was $100,000 and net income was $150,000.
A)Sales: $350,000; Gross Profit: $150,000
B)Sales: $350,000; Gross Profit: $50,000
C)Sales: $500,000; Gross Profit: $400,000
D)Sales: $500,000; Gross Profit: $50,000
E)Sales: $400,000; Gross Profit: $500,000

Question

Quizplus · Accepted Answer

150,000 net income + 250,000 other expenses = 400,000 gross profit

A Company Had Expenses Other Than Cost of Goods Sold