A Company Reported Revenues of $375,000,cost of Goods Sold of $118,000,selling

question 194

Multiple Choice

A company reported revenues of $375,000,cost of goods sold of $118,000,selling expenses of $11,000,and total operating costs of $70,000.Gross margin for the year is ________.

• A) $257,000
• B) $246,000
• C) $176,000
• D) $252,000

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Definitions:

Cashier's Check

A check issued by a bank, drawn on its own funds rather than that of a personal account, which guarantees the payee payment.

Certified Check

A check verified by a bank, guaranteeing that the signer has enough funds to cover the amount of the check.

Teller's Check

A check drawn by a bank on its own funds and signed by a teller, typically considered a secure form of payment.

Draft

A preliminary version of a piece of writing or design.