Legrand corporation reported the following amounts in its income statement:
sales revenue $440,000
advertising expense 60,000
interest expense 10,000
salaries expense 55,000
utilities expense 25,000
income tax expense 45,000
cost of goods sold 180,000
what was legrand's gross profit?
a) $220,000.
b) $120,000.
c) $260,000.
d) $180,000.

Correct option is (C)

Explanation:

Given:

Sales revenue = $440,000

Cost of goods sold = $180,000

Gross profit is sales revenue less cost of goods sold.

Gross profit = 440,000 - 180,000

                    = $260,000

Other indirect expenses such as advertising, interest, salaries, utilities and income tax expenses are deducted from gross profit to arrive at net profit.

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answer(b) equal; set period;