SuperQuick Computer Corporation reported the following income statement for a recent quarter. Consolidated Statement of Income For

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SuperQuick Computer Corporation reported the following income statement for a recent quarter.

Consolidated Statement of Income

For the Quarter Ended December 31, 2004

Sales ..................$719,150

Cost of sales ............... 549,313

169,837

Research and development costs ....... 16,900

Selling general and administrative expense ... 83,771

Other income and expense, net ......... 7,685

108,356

Income before income taxes .......... 61,481

Provision for income taxes ......... 15,451

Net income ...............$ 46,030

Earnings per share .............. $0.93

Assume that Other Income and Expense are nonoperating.

a. What was the company's gross profit for the quarter?

b. What was the amount of the company's product costs expensed during the quarter?

c. What was the amount of its operating expenses?

d. What was the amount of its operating income?

e. What was the amount of its nonoperating income or expense?


Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Financial Accounting Information For Decisions

ISBN: 978-0324672701

6th Edition

Authors: Robert w Ingram, Thomas L Albright

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