Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a company has the following items on its year-end

A company has the following items on its year-end trial balance: Net sales $500,000 Common...

50.1K

Verified Solution

Question

Accounting

A company has the following items on its year-end trial balance:

Net sales $500,000

Common stock 100,000

Insurance expense 75,000

Wages 50,000

Cost of goods sold 100,000

Cash 40,000

Accounts payable 25,000

Interest payable 20,000

What is the company's gross profit?

A. $230,000

B. $275,000.

C. $400,000.

D. $500,000.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

How much do wild mountain lions weigh? Adult wild mountain lions (18 months or older) captured...

Basic Math
Q

A random sample of 324 medical doctors showed that 178 had a solo practice. (b) Find a...

Statistics
Q

1. A.  True/False :  If I have a large number of Type I muscle fibers, I should excel...

Biology
Q

For ethane, Pc = 48.2 atm and Tc = 305.4 K. Calculate the pressure exerted by...

Chemistry
Q

a.Consider a component (you decide) in an aircraft that is subjected to creep. What standard creep...

Mechanical Engineering
Q

Solve the following initial value problem using the undetermined coefficient technique: y'' - 4y = sin(x), y(0)...

Advance Math
Q

A CPA has been asked to audit the financial statements of a publicly held company for...

Accounting
Q

Which statement about hydrogen bonds is FALSE?Individual hydrogen bonds in liquid water are static and...

Biology
Q

An ideal voltmeter Vand ideal ammeter A are connected in a circuit as shown in...

Physics
Q

Consider a four-year project with the following information: initial fixed asset investment = $490,000; straight-line...

Accounting
Q

Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December...

Accounting
Q

Juliana Corporation compr todas las acciones en circulacin de Caldwell Inc., pagando $4,500,000 en efectivo....

Accounting