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Please can I get a solution to the two questions? Thank you! 13. The income statement for Morgan Company is as follows (in millions of
Please can I get a solution to the two questions? Thank you!
13. The income statement for Morgan Company is as follows (in millions of dollars); Morgan Company Income statement For the Year Ended December 31, 2010 Net Sales $3,000 Operating costs except depreciation and amortization $2,616 Gross Profit Depreciation and amortization $100 EBIT or operating profit Interest expenses $84 Taxable income (EBT) $200 Taxes (40%) Net Income Using the previous information, Morgan company's gross profit is..., and its operating profit is..... a. $284 and $384 respectively. b. $384 and $284 respectively. c. $200 and 284 respectively. d. none of the above. 14. Using the information in question #13, Morgan Company's taxes are .... and its net income is...... a. $80 and $120 respectively. b. $200 and $120 respectively. C. $80 and $200 respectively. d. none of the aboveStep by Step Solution
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