A partial income statement for a company's most recent fiscal year follows: Sales Inventory, January 1...
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A partial income statement for a company's most recent fiscal year follows: Sales Inventory, January 1 Add purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross margin Deduct expenses: Selling Administrative Income before taxes Income taxes $400,000 $210,000 (a) (b) 235,000 (c) 125,000 (d) (e) (f) (g) (h) $2.10 Net income Earnings per share (5,000 shares outstanding) Additional data: Selling expenses are 20 percent of sales, administrative expenses are 10 percent of cost of goods sold; the income tax rate is 40 percent. Required: Supply dollar amounts for blanks a through h. Computations may not be in the order presented. You do not need to show your work for the calculations. Part marks will not be awarded. a) b) c) d) e) 1) A partial income statement for a company's most recent fiscal year follows: Sales Inventory, January 1 Add purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross margin Deduct expenses: Selling Administrative Income before taxes Income taxes $400,000 $210,000 (a) (b) 235,000 (c) 125,000 (d) (e) (f) (g) (h) $2.10 Net income Earnings per share (5,000 shares outstanding) Additional data: Selling expenses are 20 percent of sales, administrative expenses are 10 percent of cost of goods sold; the income tax rate is 40 percent. Required: Supply dollar amounts for blanks a through h. Computations may not be in the order presented. You do not need to show your work for the calculations. Part marks will not be awarded. a) b) c) d) e) 1)
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Net Income EPS No Of shares outstnading Net Income 210 5000 10500 Incom... View the full answer
Related Book For
Managerial Accounting An Introduction to Concepts Methods and Uses
ISBN: 978-0324639766
10th Edition
Authors: Michael W. Maher, Clyde P. Stickney, Roman L. Weil
Posted Date:
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