Calculate the gross profit for a company

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Problem 1: The rules governing the format and construction of financial statements of publicly traded companies are found among the standards issued by which governing body?

Group of answer choices

Option 1: Internal Revenue Service (IRS)

Option 2: Securities Exchange Commission (SEC)

Option 3: Financial Accounting Standards Board (FASB)

Option 4: Standard and Poor's (S&P)

Problem 2: Calculate the gross profit for a company which has $1 million in sales; $640,000 in cost of goods sold; sales/general/administrative (SG&A) expenses of $150,000; interest expense of $50,000; and taxes of $75,000.

Group of answer choices

Option 1: $210,000

Option 2: $85,000

Option 3: $360,000

Option 4: $160,000

Reference no: EM132998792

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