Question Details

Salon- income from operations is 



Use the following information for questions 1-3.
During 2008, Salon Enterprises generated revenues of $60,000. The company- expenses were as follows: cost of goods sold of $30,000, operating expenses of $12,000 and a loss on the sale
of equipment of $2,000.
1. Salon- gross profit is
a. $60,000.
b. $30,000.
c. $18,000.
d. $16,000.
2. Salon- income from operations is 
a. $60,000.
b. $30,000.
c. $18,000.
d. $12,000.
3. Salon- net income is
a. $60,000.
b. $30,000.
c. $18,000.
d. $16,000.
Use the following information for questions 4-5.
Financial information is presented below:
Operating Expenses $ 45,000
Sales 150,000
Cost of Goods Sold 77,000
4. Gross profit would be
a. $105,000.
b. $28,000.
c. $73,000.
d. $150,000.
5. The gross profit rate would be
a. .700.
b. .187.
c. .300.
d. .487.




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