Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 16, 2024

The Company XYZ had sales of $10,000 in 2019. The cost of goods sold was $8,000. There was no other expense or revenue in 2019.

The Company XYZ had sales of $10,000 in 2019. The cost of goods sold was $8,000. There was no other expense or revenue in 2019. If the tax rate of the company is 40%, what will be the net income for company XYZ in 2019?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Dark Side Of Valuation

Authors: Aswath Damodaran

3rd Edition

0134854101, 9780134854106

More Books

Students also viewed these Finance questions

Question

★★★★★

American Chip Corporation's fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2011. Required: Prepare the necessary closing entries at December 31,...

Answered: 1 week ago

Question

★★★★★

From the following selected data, compute: 1. Net cash flow provided (used) by operating activities. 2. Net cash flow provided (used) by investing activities. 3. Net cash flow provided (used) by...

Answered: 1 week ago

Question

★★★★★

40. Let A be a Z-matrix of size n X n with II S 3 and with positive diagonals. Then A is an M-matrix if and only if det(A) > O.

Answered: 1 week ago

Question

★★★★★

Oceanview School, a private high school, is preparing a planned income statement for the coming academic year ending August 31, 2013. Tuition revenues for the past two years ending August 31 were as...

Answered: 1 week ago

Question

★★★★★

Tobin and his wife, Cynthia, both work and have a combined gross income of $90000 per year. They estimate the property taxes on their condo will be $1200 and insurance would be about $1940 per year....

Answered: 1 week ago

Question

★★★★★

How did the expansion of scientific knowledge shape and propel the emergence and evolution of sociology as a discipline?

Answered: 1 week ago

Question

★★★★★

Cando Manufacturing Inc. (CMI) produces toys for small children. CMI's schedule of cost of goods manufactured for 2023 is as follows: Direct materials used $ 58,000 Direct labour 95,000 Manufacturing...

Answered: 1 week ago

Question

★★★★★

Cost of Goods Sold Beginning Inventory $63,000 Add: Purchases $25,000 Less: Purchase Discounts $2,500 Purchase Returns and Allowances $1,500 Net Purchases $21,000 Freight-in $8,000 Cost of Goods...

Answered: 1 week ago

Question

★★★★★

Why are research hypotheses considered tentative? Select answer from the options below They involve two variables. They are only verified after being empirically tested. They are only interesting to...

Answered: 1 week ago

Question

★★★★★

Assuming the friends decide to offer the securities publicly, but only in their home state, they must: apply for a blue-sky exemption. confirm that all purchasers are accredited investors. register...

Answered: 1 week ago

Question

★★★★★

In the case study Metagenom Bio Inc: Protecting Intellectual Property Rights in China. What are the social and legal models in China for the protection of IPR? What are the challenges to an entity's...

Answered: 1 week ago

Question

★★★★★

=+ii. Parallel construction Save money. Live better (slogan for Walmart).

Answered: 1 week ago

Question

★★★★★

=+viii. Connectors to join sentences and paragraphs, like on the other hand, because, but, the best part is, etc. 3. About the layout.

Answered: 1 week ago

Question

★★★★★

=+iii. Rhyme Hooray for the everyday (headline for 2011 Ikea catalogue, http://onlinecatalog.ikea-usa.com/2011/ikea_catalog/US/).

Answered: 1 week ago

Previous Question Next Question