Gross margin is the difference between net sales and the cost of goods sold on the income statement. Gross margin is important because it must be greater than operating expenses for the company to earn profit. They must take a physical count. So you can keep an eye on how much is coming back in order to determine customer satisfaction and quality control. Income Taxes - 1,000 Net Income 4,000 3.
Answer is in the packet.
Net Income 60,700 10. Receivable 800 11. 900 Information contained on this page does not represent the lecture verbatim. These notes are not a substitute for class attendance.