Question 22 Choose the one alternative that best completes the statement or answ

Question

Question 22

Choose the one alternative that best completes the statement or answers the question. Solve the problem.

For the month ending June 30, TriCounty Nursery has net sales of $251,000, cost of goods sold of $99,000, and operating expenses of $70,000. Find the gross profit and net income.

gross profit: $82,000; net income: $152,000

gross profit: $152,000; net income: $82,000

gross profit: $152,000; net income: $29,000

gross profit: $72,100; net income: $29,000

gross profit: $82,000; net income: $152,000

gross profit: $152,000; net income: $82,000

gross profit: $152,000; net income: $29,000

gross profit: $72,100; net income: $29,000

Explanation / Answer

Net Sale = $251000

Cost of goods sold = $99000

Operating Expanses= $70000

Gross Profit = 251000 - (99000) = $152000

Net Income = 152000 - 70000 = $82000

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