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Joe's Kites Is Preparing an Income Statement

Question 27

Multiple Choice

Joe's Kites is preparing an income statement.Net sales equal $175,000.Returns and allowances equal $16,000.Costs of goods sold equal $95,000.What is Joe's gross margin?


A) $64,000
B) $80,000
C) $96,000
D) $159,000
E) $191,000

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