A company sells $10,000 of goods.The gross profit percentage is 32%.Net income would be $3,200.
BT: Application

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Quizplus · Accepted Answer

The gross profit can be calculated as ($10,000 x 32%) = $3,200. However, this is not the net income, as net income involves subtracting all expenses (such as salaries, rent, utilities, etc.) from the gross profit. Therefore, it is not possible to determine the net income based on this information alone.

A Company Sells $10,000 of Goods