Question

During fiscal 2016, Kohl’s had sales of $18,686 million, Cost of merchandise sold of $11,944 million, and gross profit of $6,741 million. What was net income for 2016? Select one:

A. $ 6,741 million
B. $11,944 million
C. $ 5,299 million
D. $18,686 million
E. There is not enough information to calculate the amount.

Answer 1

E. There is not enough information to calculate the amount.

Step-by-step explanation:

In obtaining the net profit, the total expenses figures must be given or calculated. Net profit is earning after adjusting for expenses. The formula for calculating net profits as follows.

Net Income = Revenue - COGS - Expenses or Net Income = Gross profit - Expenses.

In this case, the expenses are not given. There is not enough information to calculate expenses and, subsequently, net profit.