Question
Below are the same records of the HTM Corp (imaginary). According to the given information, please answer the following questions. If the Income Statement structure
Below are the same records of the HTM Corp (imaginary). According to the given information, please answer the following questions. If the Income Statement structure is broken on your screen, adjust the size of the window of your screen; or use zoom in/out function until it shows correctly.
Income Statement
HTM Corp.
Dec. 31, 2XX1 2XX2
Sales $1,200,000 $1,500,000
Cost of Sales $ 360,000 $ 480,000
Gross Profit $ 840,000 $1,020,000
Payroll Expenses $ 300,000 $ 360,000
Gen. & Admin. Exp. $ 144,000 $ 180,000
Other Expenses $ 120,000 $ 180,000
EBT $ 276,000 $ 300,000
Income Taxes $ ??????? $ ???????
Net Income $ 165,600 $ 180,000
During the first year (2XX1), this company's average assets were $500,000. Twenty percent (20%) of the assets (of $500,000) were liabilities. Determine the rate of return the company provided to its owners in 2xx1. Round your answer to the first decimal in percentage. However, do not put "%" or "," in your answer. Put your answer as in 123.4 if your answer is 123.35%.
Below are the same records of the HTM Corp (imaginary). According to the given information, please answer the following questions. If the Income Statement structure is broken on your screen, adjust the size of the window of your screen; or use zoom in/out function until it shows correctly. Income Statement HTM Corp. Dec. 31, 2XX1 2XX2 Sales $1.200.000 $1,500,000 Cost of Sales $ 360,000 _$_480,000 Gross Profit $ 840,000 $1,020,000 Payroll Expenses $ 300,000 $360,000 Gen, & Admin. Exp. $ 144,000 $ 180,000 Other Expenses $ 120,000 $ 180,000 EBT $_276.000 $ 300.000 Income Taxes $ ??????? $ ??????? Net Income $ 165,600 $ 180,000 During the first year (2XX1), this company's average assets were $500,000. Twenty percent (20%) of the assets (of $500,000) were liabilities. Determine the rate of return the company provided to its owners in 2xx1. Round your answer to the first decimal in percentage. However, do not put "%" or ","in your answer. Put your answer as in 123.4 if your answer is 123.35%Step by Step Solution
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