During the year, net sales were $400,000; gross profit was $160,000; net income was $60,000; income tax
Question:
During the year, net sales were $400,000; gross profit was $160,000; net income was $60,000; income tax expense was $15,000; and selling, general, and administrative expenses were $73,000.
Required:
Calculate cost of goods sold, income from operations, income before taxes, and interest expense.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
Set up an income statement using the structure and format a...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Net sales are $400,000, cost of goods sold is $310,000, operating expenses are $60,000 and other revenues are $5,200. What are the gross profit margin and profit margin? a. 22.5% and 7.5% b. 7.5% and...
-
Calculate Cost of Goods Sold: Freight-In ........... $ 8 Beginning Inventory ........ 16 Ending Inventory ....... $ 7 Net Purchases ......... 67
-
From the following accounts, prepare a cost of goods sold section in proper form: Merchandise Inventory, 12/31/1X, $9,040; Purchases Discount, $860; Merchandise Inventory, 12/01/1X, $4,400;...
-
Ruff, Tuff, and Duff are parners sharing profits and losses 30/30/40 respectively. Their balance sheet is below: Cash Receivable from Ruff Property & Equipment $200,000 10,000 500,000 $710,000...
-
Delaney Products, Inc. provided the following information from its current- year trial balance. Delaney issued $ 55,000 of no-par common stock on October 1 of the current year. The company also...
-
Time period used to compute indirect cost rates. Splash Manufacturing produces outdoor wading and slide pools. The company uses a normal-costing system and allocates manufacturing overhead on the...
-
Rice Automotive ended December 2009 with Accounts Receivable of $30,000 and Allowance for Uncollectible Accounts of $1,500. During January 2010, Rice Automotive completed the following transactions:...
-
Do you agree or disagree with the basic assumptions of Herzbergs dual-structure theory? Why?
-
10. A rectangular tank, with dimensions shown in the diagram, contains 3 ft of a liquid with a weight density of 50 lb/ft. Exactly how much work is done to pump all of the liquid from the top of the...
-
Ann Archer serves on the audit committee of JKB Communications, Inc., a telecommunications start-up company. The company is currently a private company. One of the audit committee's responsibilities...
-
From the following data, calculate the retained earnings balance as of December 31, 2022: Retained earnings, December 31, 2021. ... Cost of buildings purchased during 2022. . . . Net loss for the...
-
Total assets were $58,000 and total liabilities were $35,000 at the beginning of the year. Net income for the year was $11,000, and dividends of $3,000 were declared and paid during the year....
-
Using the Fermi function, determine the relative change in density, (dn(r) / dr)/ n0, at the nuclear surface, r = R(A).
-
1. What is the force that acts between two charges of different signs, attractive or repulsive? Draw the previous examples in your notebook but assuming that, in this case, the charge on the right is...
-
You drop a stone down a well that is 31.5 m deep. How long is it before you hear the splash? The speed of sound in air is 343 m/s and air resistance is negligible.
-
A-6.50 - D lens is held 11.5cm from an ant 1.00mm high. What is the height of the image? Follow the sign conventions. Express your answer to three significant figures and include the appropriate...
-
How can ABC Manufacturing effectively utilize performance appraisals as a tool for enhancing employee motivation and performance within the organization?
-
During a professional football game, video analysis can provide detailed metrics about how a football leaves the quarterback's hand during a throw to a wide receiver. For a certain pass, the football...
-
(a) Show that, if A and B are commuting square matrices, then (A + B)2 = A2 + 2AB + B2. (b) Find a pair of 2 2 matrices A and B such that (A + B)2 + A2 + 2AB + B2.
-
Big Jim Company sponsored a picnic for employees and purchased a propane grill equipped with a standard-sized propane tank for the picnic. To make sure there was enough propane for all the cooking...
-
Natco, Inc., uses the FIFO inventory costflow assumption. In a year of rising costs and prices, the firm reported net income of $480,000 and average assets of $3,000,000. If Natco had used the LIFO...
-
a. Use the horizontal model or write the journal entry to record the payment of a one-year insurance premium of $3,000 on March 1. b. Use the horizontal model or write the adjusting entry that will...
-
On November 1, 2010, Wenger Co. paid its landlord $25,200 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2011, at which time the contract may...
-
ed The Alberta Mining and Export Corporation (AMEC) has operations at several locations throughout the province of Alberta in Western Canada. AMEC reports under IFRS as a publicly traded company....
-
261204 5 On April 15, Chemical Cleanup Inc. declared a dividend of $.50 per common share to shareholders of record on May 30, payable on June 30. At the date of declaration, Chemical had 750,000...
-
Given the following information for Maynor Company in 2011, calculate the company's ending inventory, cost of goods sold and gross profit, using the following inventory costing methods, assuming the...
Study smarter with the SolutionInn App