A Company Has Net Sales of $1,500,000,sales Commissions in the Amount

question 67

Multiple Choice

A company has net sales of $1,500,000,sales commissions in the amount of $194,000,net income of $366,400,and the gross profit ratio of 60%.What amount is listed as gross profit on the income statement for the period?

• A)$ 563,760
• B)$ 600,000
• C)$ 783,600
• D)$ 900,000
• E)$1,119,840

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Definitions:

Data

Information, especially numerical or categorical, collected through observation or research for analysis or decision-making.

Relationship

The manner in which two or more ideas, items, or individuals are linked, or the condition of being linked.

Variable

An attribute, characteristic, or measurement that can take on different values across individuals, objects, or time points in data collection and analysis.

Increases

A term indicating a rise or growth in a numerical value or quantity.