A company has the following information for the year ended December 31, 2022: Beginning inventory: $20,000 Purchases:
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Question:
A company has the following information for the year ended December 31, 2022:
- Beginning inventory: $20,000
- Purchases: $100,000
- Ending inventory: $30,000
- Cost of goods sold: $90,000
- Sales revenue: $150,000
- Operating expenses: $50,000
- Income tax rate: 30%
Using the information above, calculate the following:
- Gross profit
- Gross profit rate
- Net income
- Operating income
- Current ratio
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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