Question

The following information was taken from the accounting records of Eb8-L4z Company for the year ended December 31, 2027:

Patent $59,000
Cost of goods sold $46,000
Inventory $55,000
Retained earnings $42,000 (at January 1, 2027)
Service revenue $37,000
Notes payable . ?
Land $88,000
Accounts receivable . $73,000
Rental revenue . ?
Utilities payable . $21,000
Salaries expense . $51,000
Accounts payable . $62,000
Equipment . $60,000
Utilities expense . $91,000
Supplies . $31,000
Income tax expense . $18,000
Dividends . $25,000
Common stock . $13,000
Cash . $82,000

Required:
Calculate the amount of gross profit reported in Eb8-L4z Company' s 2027 income statement.

Answer 1

Amount of Gross Profit reported in Eb8-L4z Company 2027 Income Statement is $45,000

Step-by-step explanation:

Note: "Correct question is attached as picture below"

Particulars Amount

Sales revenue $91,000

Cost of goods sold $46,000

Gross Profit $45,000