Question
Problems (Show your calculations) 1.Calculate gross profit (gross margin). Sales$280,000 Cost of goods sold160,000 Interest income10,000 Interest expense15,000 Operating expenses65,000 Income taxes7,500 10,000 shares of
Problems (Show your calculations)
1.Calculate gross profit (gross margin).
Sales$280,000
Cost of goods sold160,000
Interest income10,000
Interest expense15,000
Operating expenses65,000
Income taxes7,500
10,000 shares of stock are outstanding.
2.Calculate operating income.
Sales$280,000
Cost of goods sold160,000
Interest income10,000
Interest expense15,000
Operating expenses65,000
Income taxes7,500
10,000 shares of stock are outstanding.
3.Calculate net income.
Sales$280,000
Cost of goods sold160,000
Interest income10,000
Interest expense15,000
Operating expenses65,000
Income taxes7,500
10,000 shares of stock are outstanding.
4.Calculate the earnings per share.
Sales$280,000
Cost of goods sold160,000
Interest income10,000
Interest expense15,000
Operating expenses65,000
Income taxes7,500
10,000 shares of stock are outstanding
5.What was the 2019 net income if the 2020 pro-forma net income of $264,000 was based on a 120% increase?
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Intermediate Accounting
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
11th edition
978-0538467087, 9781111781262, 538467088, 1111781265, 978-0324659139
