The following percentages apply to Safin Company for 2014 and 2015. Required Assuming that sales were $400,000

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The following percentages apply to Safin Company for 2014 and 2015.

Required
Assuming that sales were $400,000 in 2014 and $480,000 in 2015, prepare income statements for the twoyears.

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Fundamental Managerial Accounting Concepts

ISBN: 978-0078025655

7th edition

Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old

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Question Posted: Feb 07, 2014 11:08 AM

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The following percentages apply to Safin Company for 2014 and 2015. Required Assuming that sales were $400,000

Question:

2015 2014 Sales Cost of goods sold Selling and administrative expense Interest expense Total expenses Income before taxes Income tax expense Net income 100.0% 61.0 39.0 26.5 2.5 29.0 10.0 5.5 100.0% 64.0 36.0 20.5 2.0 22.5 13.5 7.0 4.5% 6.5%

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Safin Company Income Statements 2015 2014 Sales 480000 400000 ...View the full answer

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