Sales for a firm are $500,000, cost of goods sold are $290,000, operating expenses are $10,000,...
Sales for a firm are $500,000, cost of goods sold are $290,000,
operating expenses are $10,000, depreciation is $15,000 and
interest expenses are $20,000. What is the gross profit
amount?
A. $165,000
B. $180,000
C. $185,000
D. $200,000
E. $210,000
The 2017 financial statements Hard Locks, Inc. reported net
income equal to $190,000, interest expense was $60,000, taxes were
$70,000, and depreciation was $45,000. How much was the firm’s
operating profit if sales were $490,000?
A. $365,000
B. $320,000
C. $290,000
D $280,000
E. $255,000
Homework Answers
E.
Gross Profit can be defined as the difference between the sales revenue and cost of goods sold so according to the problem, gross profit is $210000($5,00,000-$2,90,000).
B
Operating Profit = Net Profit + Taxes Paid + Interest Expense. It does not include depreciation.
Therefore, OP = $1,90,000 +$60,000 +$70,000 = $3,20,000
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