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Belmond Inc. uses a 7% of sales method to determine its marketing promotion budget. Based on the financial statements below, how much did the company
- Belmond Inc. uses a 7% of sales method to determine its marketing promotion budget. Based on the financial statements below, how much did the company budget in 2019 for its promotion budget?
Receivables | 70,000 |
| Other current liabilities | 28,000 |
|
Inventories | 280,000 |
| Total CL | $70,000 | |
Total CA | $364,000 |
| Long-term debt | 140,000 | |
Net fixed assets | 126,000 |
| Common equity | 280,000 | |
Total assets | $490,000 |
| Total liabilities and equity | $490,000 |
|
Sales | $280,000 |
|
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| |
Net income | 21,000 |
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