This topic contains a solution. Click here to go to the answer

Author Question: Prepare an income statement using the following information: Gross profit margin 40 Gross ... (Read 60 times)

robinn137

  • Hero Member
  • *****
  • Posts: 544
Prepare an income statement using the following information:
 
   Gross profit margin 40
   Gross profit 7,500
   Tax rate 35
   Operating profit 400
 
  What will be an ideal response?

Question 2

All of the following are items that cause a difference between the bank balance and the book balance except
 a. NSF checks.
   b. deposits in transit.
   c. outstanding checks.
   d. canceled checks.
   e. bank service charges.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

morganmarie791

  • Sr. Member
  • ****
  • Posts: 336
Answer to Question 1

Net sales 18,750
Cost of goods sold 11,250
Gross profit 7,500
Operating expenses 7,100
Operating profit 400
Income tax expense 140
Net profit 260

Answer to Question 2

d




robinn137

  • Member
  • Posts: 544
Reply 2 on: Jul 6, 2018
Excellent


bigsis44

  • Member
  • Posts: 317
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

Bacteria have flourished on the earth for over three billion years. They were the first life forms on the planet.

Did you know?

Chronic marijuana use can damage the white blood cells and reduce the immune system's ability to respond to disease by as much as 40%. Without a strong immune system, the body is vulnerable to all kinds of degenerative and infectious diseases.

Did you know?

The horizontal fraction bar was introduced by the Arabs.

Did you know?

Of the estimated 2 million heroin users in the United States, 600,000–800,000 are considered hardcore addicts. Heroin addiction is considered to be one of the hardest addictions to recover from.

Did you know?

When taking monoamine oxidase inhibitors, people should avoid a variety of foods, which include alcoholic beverages, bean curd, broad (fava) bean pods, cheese, fish, ginseng, protein extracts, meat, sauerkraut, shrimp paste, soups, and yeast.

For a complete list of videos, visit our video library