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. Last year the net income of Smith Incorporated was $2,000,000, depreciation expense of $7.5M, interest expense of $1,500,000 and other expenses of $10M. In
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Last year the net income of Smith Incorporated was $2,000,000, depreciation expense of $7.5M, interest expense of $1,500,000 and other expenses of $10M. In addition, cost of goods sold was 60% of sales and tax rate of 40%. Finally, the firm paid common stock dividend of $800,000. Find sales for last year.
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ANSWER To find the sales for last year we can use the following formula Net Income Sales Cost of Goo...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
