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Calculate the amount of gross profit reported in company

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Reference no: EM132829532

Question - Company A reported the following account balances at December 31, 2025

Cash $10000

Inventory $50000

Accounts payable $25000

Common stock ?

Accounts receivable $30000

Retained earnings $50000 (at January 1 2025)

Salaries expense $19000

Land ?

Interest revenue $25000

Supplies $3000

Notes Payable $56000 (due February 2030)

Patent $30000

Sales revenue $120000

Dividends ?

Equipment $54000

Income tax expense $20000

Cost of goods sold $13000

Salaries Payable $16000

Accumulated depreciation $14000

Additional Information -

1) Dividends declared by Company A during 2025 equaled 15% of net income.

2) Total equity at December 31 2025 is equal to 300% of the current liabilities at December 31 2025.

Required - Calculate the amount of gross profit reported in company A income statement?

Reference no: EM132829532

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