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Question two: (8 marks) Meta Corporation had sales totaling $2,000,000 in the fiscal year 2021. Some ratios for the company are listed below. Use this
Question two: (8 marks) Meta Corporation had sales totaling $2,000,000 in the fiscal year 2021. Some ratios for the company are listed below. Use this information to determine the dollar values of various income statement accounts. Show your work! Meta Corporation. Year ended Dec, 31", 2021 60% Gross profit margin Operating profit margin 30% 20% 25% Return on total assets. Return on equity Total asset turnover Net profit margin 2 5% Meta Corporation. Income statement Year ended Dec, 31, 2021 $2,000,000 Sales Cost of goods sold Gross profit Operating expenses Operating profit Interest expense Earnings before tax Tax expense 40% Net profit after tax 800000 1,200,00
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