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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?
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