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Iota Company provided the following information: Total revenue: $300,000 Cost of goods sold: $100,000 Selling expenses: $50,000 Administrative expenses: $30,000 Interest expense: $10,000 Tax rate:
Iota Company provided the following information:
- Total revenue: $300,000
- Cost of goods sold: $100,000
- Selling expenses: $50,000
- Administrative expenses: $30,000
- Interest expense: $10,000
- Tax rate: 30%
Calculate the following for Iota Company: a) Net income b) Earnings before interest and taxes (EBIT)
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Accounting Information Systems
Authors: Marshall B. Romney, Paul J. Steinbart
12th edition
132552620, 978-0132552622
