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25-05-2023
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The Income statement for a corporation shows a Gross Profit of $120,000, Net Sales of $560,000 and Operating expenses of $50,000. Which of the follow is true? a. Net Income is $70,000. b. Net income is $390,000. c. Cost of Goods sold is $70,000. d. Cost of Goods Sold is $490,000

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