Takenson Corp -Refer to the Information for Takenson Corp

question 75

Multiple Choice

Takenson Corp.is a merchandising company that uses the periodic inventory system.Selected account balances are listed below: $$\begin{array} { l r } \text { Sales } & \$ 500,000 \\\text { Purchases } & 225,000 \\\text { Inventory (beginning) } & 16,000 \\\text { Inventory (ending) } & 30,000 \\\text { Operating Expenses } & 148,000 \\\text { Income Tax Expense } & 10,000 \\\text { Retained Earnings (beginning) } & 53,000 \\\text { Dividends } & 15,000\end{array}$$
-Refer to the information for Takenson Corp. Calculate the gross profit.

• A) $241,000
• B) $275,000
• C) $425,000
• D) $289,000

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Definitions:

Creditors

Individuals or institutions that extend credit or lend money to others with the expectation of being repaid, usually with interest.

Shareholder

An individual or entity that owns shares in a company and holds a stake in its ownership and profits.

Dissolved

The process of legally dissolving a corporation or partnership, effectively ending its existence.