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What is the amount of gross profit to be reported on abc company's 12/31/x1 income statement?

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The amount of gross profit to be reported on ABC Company's 12/31/X1 income statement is $39,100.

To calculate the gross profit, we need to subtract the cost of goods sold (COGS) from the sales revenue.

Given information:

Sales revenue = $54,200

COGS = $15,100

Gross profit = Sales revenue - COGS = $54,200 - $15,100 = $39,100

Therefore, the correct answer is $39,100.

Complete Question:

General Ledger for ABC Company

The following is the general ledger for ABC Company as of December 31, 20X1. Use this information to answer questions (1) through (4).

ABC Company

General Ledger

As of December 31, 20X1

Amount

Assets

Cash $29,400

Accounts receivable 8,100

Supplies 4,900

Prepaid rent 20,200

Equipment (net) 63,800

Liabilities

Accounts payable $ 6,300

Salaries payable 4,000

Interest payable 1,100

Utilities payable 3,700

Bonds payable 38,400

Stockholders' equity

Common stock $60,900

Retained earnings 0

Dividends 2,100

Revenues

Sales revenue $54,200

Interest revenue 1,400

Expenses

Cost of goods sold $15,100

Salaries expense 7,100

Rent expense 4,900

Supplies expense 1,300

Utilities expense 4,800

Depreciation expense 2,500

Interest expense 2,100

Income tax expense 3,700

What is the amount of gross profit to be reported on ABC Company’s 12/31/X1 income statement?

a. $40,500

b. $14,100

c. $39,100

d. $17,800

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