The following is a single-step income statement for James Bo…
The following is a single-step income statement for James Bond Company: James Bond Company Income Statement For the Year Ended December 31 Revenues: Sales $300,000 Interest income 20,000 Total revenues $320,000 Expenses: Cost of goods sold $ 60,000 Selling expenses 25,000 General and administrative expenses 30,000 Interest expense 14,000 Income tax expense 45,000 Total expenses (174,000) Net income $146,000 If the income statement were prepared in a multiple-step format, gross profit would be _____.
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