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Operations for Probe Corporation for 2010 and 2011 are summarized

Operations for Probe Corporation for 2010 and 2011 are summarized here. Instructions: 1. Prepare common-size income statements

Question:

Operations for Probe Corporation for 2010 and 2011 are summarized here.

Instructions:
1. Prepare common-size income statements for 2011 and 2010.
2. Comment on Probe€™s profitability in 2011 relative to2010.

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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2011 2010 Net sales Cost of goods sold Gross profit Selling and general expenses__ Operating income Other expenses Income (loss) before income taxes Income taxes (refund) $280,000 $230,000 110.000 98,000 82000 $120.000 53,000 50,000 $32000 67,000 28,000 40,000 (8,000) 39.000 I6,000 (3,000) Net income (loss) $ (5,000) 23,000

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Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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Question Posted: Jan 29, 2012 01:14 AM

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