Refer to the following trial balance.

How much is the gross profit?
A)$152,000
B)$160,000
C)$294,000
D)$69,000

Name: Refer to the following trial balance. How much is the gross profit? A)$152,000 B)$160,000 C)$294,000 D)$69,000
Brand: Quizplus
Rating: 4.9 (44 reviews)

Question

Refer to the following trial balance.

How much is the gross profit?
A)$152,000 
B)$160,000 
C)$294,000 
D)$69,000

Quizplus · Accepted Answer

D)Gross profit = Net sales* - Cost of goods sold = $152,000* - $83,000 = $10,000
* Net sales = Sales revenue - Sales returns and allowances - Sales discounts = $160,000 - $2,000 - $6,000 = $152,000

Refer to the Following Trial Balance