A sporting goods store with sales for the year of $400,000 and other i

QUESTION

A sporting goods store with sales for the year of $400,000 and other income of $32,000 has operating expenses of $123,000. Its cost of goods sold is $207,000. What are its gross margins, operating profits, and net profits in dollars?Please show details
Income statement will look as below :- Sales 400,000 Less COGS 207000 ””””””””“ Gross Profit 193,000 ¦¦¦¦¦.(A) Less Op Exp 123,000 ””””””””- Ops Profit 70,000¦

,,,,,,,,,,(B) Add Other Inc 32,000 ””””””””””” Net Income 102,000 ¦¦¦¦¦(C) ””””””””””

ANSWER:

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