Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 4 - No. 18)
If a company's sales revenue is $100,000, cost of goods sold is $60,000, and operating expenses are $20,000, what is the company's gross profit?
$20,000
$40,000
$60,000
$80,000
Explanation
Gross profit = Sales revenue - Cost of goods sold = $100,000 - $60,000 = $40,000
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