Reference no: EM132064891
Question - During the year, net sales were $159,000; gross profit was $67,000; net income was $28,500; income tax expense was $6,700; and selling, general, and administrative expenses were $30,500.
Required: Calculate cost of goods sold, income from operations, income before taxes, and interest expense.Net Sales: $159,000
Cost of Goods: $_________
Gross Profit: $67,000
Selling, General, and Administrative Expense: $30,500
Income from operations: $__________
Interest expense: $__________
Income before taxes: $____________
Income tax expense: $6700
Net income: $28,500
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