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16 January, 22:27

For Mortenson Company, the following information is available: Cost of goods sold is $390,000; Dividend revenue is $15,000; Income tax expense is $36,000; Operating expenses is $138,000; Sales revenue is $600,000.

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  1. 16 January, 22:56
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    C) Should be reported at $210,000

    Explanation:

    The computation of the gross profit in case of the multi-step income statement is presented below:

    Mortenson Company

    Multi step income statement

    Sales $600,000

    Less: Cost of goods sold - $390,000

    Gross profit $210,000

    After deducting the cost of goods sold from the sales we can get the gross profit
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Home » Business » For Mortenson Company, the following information is available: Cost of goods sold is $390,000; Dividend revenue is $15,000; Income tax expense is $36,000; Operating expenses is $138,000; Sales revenue is $600,000.
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