Below is an income statement for Daily Kneads. Fill in the ...

[vinney12]

Below is an income statement for Daily Kneads. Fill in the missing amounts.
 
  Daily Kneads
   Income Statement
   For the Month Ended September 30, 2012
 
  Sales a. ________
  Cost of goods sold 100,000
  Gross profit 200,000
  Administrative expenses b. ________
  Operating income 80,000
  Interest expense c. ________
  Earnings before taxes 70,000
  Income taxes (rate 35) d. ________
  Net income e. ________

Question 2

COBIT was developed to:
 a. provide guidance to managers, users, and auditors on the best practices for the management of information technology
  b. identify specific control plans that should be implemented to reduce the occurrence of fraud
  c. specify the components of an information system that should be installed in an e-commerce environment
  d. suggest the type of information that should be made available for management decision making

[yahahah24021]

Answer to Question 1

a. 200,000 + 100,000 = 300,000
b. 200,000 - 80,000 = 120,000
c. 80,000 - 70,000 = 10,000
d. 70,000 x .35 = 24,500
e. 70,000  24,500 = 45,500

Answer to Question 2

A

[vinney12]

Great answer, keep it coming

[nyrave]

Thanks for the timely response, appreciate it