Selected income statement information for Novo Limited (Novo), a Hong Kong personal computer manufacturer, for the years ended March 31, Years 9 and 10. Novo applies Hong Kong financial reporting standards and reports itsresults in thousands of U.S. dollars. In answering this question, assume Novo uses either U.S. GAAP or IFRS; for purposes of this problem, this choice will not matter.

Compute the missing amounts for Year 9 and Year10.

Transcribed Image Text:

Year 10 Year 9 12,091,433 1,033,296 Selling and Administrative Expenses . Gross Profit Profit Before Taxes Advertising Expenses. Research and Development Expense . . .. 1,103,713 . .. 595,902 229,759 488,150 196,225 18,130 26,197 47,613 484,708 Net Income .