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Refer to the Following Trial Balance How Much Is the Gross Profit?
A) $103,000
B) $95,000

question 225

Multiple Choice

Refer to the following trial balance.  Cash $6,000 Accounts Receivable 15,000 Inventory 20,000 Supplies 4,000 Land 120,000 Accounts Payable $6,000 Notes Payable 22,000 Common Stock 81,000 Retained Earnings 12,000 Dividends 3,000 Sales Revenue 180,000 Sales Discounts Forfeited 4,000 Cost of Goods Sold 81,000 Delivery Expense 6,000 Salaries Expense 5,000 Utilities Expense 23,000 Rent Expense 20,000 Interest Expense 2,000Total$305,000$305,000\begin{array}{|l|c|c|}\hline \text { Cash } & \$ 6,000 & \\\hline \text { Accounts Receivable } & 15,000 & \\\hline \text { Inventory } & 20,000 & \\\hline \text { Supplies } & 4,000 & \\\hline \text { Land } & 120,000 & \\\hline \text { Accounts Payable } & & \$ 6,000 \\\hline \text { Notes Payable } & & 22,000 \\\hline \text { Common Stock } & & 81,000 \\\hline \text { Retained Earnings } & & 12,000 \\\hline \text { Dividends } & 3,000 & \\\hline \text { Sales Revenue } & & 180,000 \\\hline \text { Sales Discounts Forfeited } & & 4,000 \\\hline \text { Cost of Goods Sold } & 81,000 & \\\hline \text { Delivery Expense } & 6,000 & \\\hline \text { Salaries Expense } & 5,000 & \\\hline \text { Utilities Expense } & 23,000 & \\\hline \text { Rent Expense } & 20,000 & \\\hline \text { Interest Expense } & 2,000 & \\\hline\text {Total} & \$ 305,000 & \$ 305,000 \\\hline\end{array} How much is the gross profit?

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Stereotypes

Preconceived and oversimplified beliefs about certain groups of people that influence behavior and perceptions.

Selective Perception

The process by which individuals selectively interpret what they see based on their interests, background, experience, and attitudes.

Perceptual Distortion

A psychological phenomenon where an individual's perception or understanding of stimuli is altered from the reality of the situation.

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A professional responsible for overseeing the production process in a manufacturing setting, ensuring efficient operation and meeting production targets.

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