Question: Keep using the same set of information to answer the question below. Income Statement HFT Corp. During the year of 2XX1 2XX2 Sales $1,200,000 $1,500,000
Keep using the same set of information to answer the question below. Income Statement HFT Corp. During the year of 2XX1 2XX2 Sales $1,200,000 $1,500,000 Cost of Sales $ 360,000 $ 480,000 Gross Profit $ 840,000 $1,020,000 Payroll Exp. $ 300,000 $ 375,000 Gen. & Admin. $ 120,000 $ 150,000 Other Exp. $ 240,000 $ 300,000 (including Taxes) Net Income $ 180,000 $ 195,000 ===================================== Balance Sheet On Dec. 31 of 2xx1 2xx2 Total Assets $700,000 $800,000 Curr. Liabilities $50,000 $60,000 L/T Liabilities $150,000 $240,000 Owners' Equity $500,000 $500,000 24. If the company utilizes its resources in the next year at the same rate it did in the 2xx2, what amount of revenues will be generated in the next year? Its total assets will remain the same in the next year. Please do not put "$" or "," in your answer. Just the number is required. If your answer is $15,000; then just put 15000 for your
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
