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Compute what perril company reported as gross profit

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Question - Accounts from the Perril Company's Income Statement, including some accounts and from the Perril Company's Balance Sheet, for the year ending December 31, 2021 are listed below:

Additional paid in capital = $1,230

Beginning inventory = $570

Depreciation = $1,420

Dividends paid = $1,520

Ending inventory = $580

Gross sales = $16,990

Interest expense = $660

Notes payable = $3,710

Operating expenses (excluding depreciation) = $3,340

Purchases = $6,550

Returns and allowances = $270

Perril Company has a tax rate of 25 percent.

Using the data above, compute what Perril Company (a retail clothing store) reported as Gross Profit on its 2021 income statement.

Reference no: EM133111415

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