Solution-Determine the gross profit in dollars

Determine the gross profit in dollars

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Reference no: EM133081515

Question - Presented below are the items included on the financial statements of We Just Might Make It Corporation for the year ending December 31, 2019 and 2018.

	2019	2018
Sales revenue	$2,300,000	$2,100,000
Cost of goods sold	1,000,000	1,300,000
General and administrative expenses	900,000	500,000
Other income	40,000	20,000
Income tax expense	150,000	125,000
Current Assets	525,000	475,000
Current Liabilities	631,500	465,000
Average Assets	$1,000,000	$900,000

Required - Based on the above, determine the following (show your work for partial credit) for 2019 and 2018.

-Net income

-Return on Assets (ROA)

-Gross Profit (in dollars)

-Gross Profit % (gross profit dollars/sales revenue)

-Current ratio (current assets/current liabilities)

Reference no: EM133081515

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Determine the gross profit in dollars

Reference no: EM133081515

Reference no: EM133081515

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