Question

If the costs of goods sold was $42,000, the income from sales was $86,000, and the expenses were $12,000, find (50) gross profit and (51) net profit.

Answer 1

Gross profit = sales - costs
= 86000 - 42000
= 44000

Net profit = Gross Profit - Expenses
= 44000 - 12000

Answer 2

Thank you! :)