Question
Problems (Show your calculations) Calculate gross profit (gross margin). Sales $280,000 Cost of goods sold 160,000 Interest income 10,000 Interest expense 15,000 Operating expenses 65,000
Problems (Show your calculations)
- Calculate gross profit (gross margin).
Sales $280,000
Cost of goods sold 160,000
Interest income 10,000
Interest expense 15,000
Operating expenses 65,000
Income taxes 7,500
10,000 shares of stock are outstanding.
- Calculate operating income.
Sales $280,000
Cost of goods sold 160,000
Interest income 10,000
Interest expense 15,000
Operating expenses 65,000
Income taxes 7,500
10,000 shares of stock are outstanding.
- Calculate net income.
Sales $280,000
Cost of goods sold 160,000
Interest income 10,000
Interest expense 15,000
Operating expenses 65,000
Income taxes 7,500
10,000 shares of stock are outstanding.
- Calculate the earnings per share.
Sales $280,000
Cost of goods sold 160,000
Interest income 10,000
Interest expense 15,000
Operating expenses 65,000
Income taxes 7,500
10,000 shares of stock are outstanding
- 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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Accounting Principles Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
8th Canadian Edition
111950242X, 1-119-50242-5, 978-1119502425
