Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Apple Inc. reported the following financial information for the year ending December 31, 2023: Total Revenue: $200 billion Cost of Goods Sold (COGS): $80 billion

Apple Inc. reported the following financial information for the year ending December 31, 2023:

    • Total Revenue: $200 billion
    • Cost of Goods Sold (COGS): $80 billion
    • Operating Expenses: $50 billion
    • Other Income: $10 billion
    • Tax Expense: $30 billion

a) Calculate the gross profit.

b) Determine the operating profit.

c) Compute the net profit before tax.

d) Calculate the net profit after tax, assuming a tax rate of 20%.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting and Reporting a Global Perspective

Authors: Michel Lebas, Herve Stolowy, Yuan Ding

4th edition

978-1408066621, 1408066629, 1408076861, 978-1408076866

More Books

Students also viewed these Accounting questions