Question
You are given the following information for Mobility Research, Inc. (MRI). Sales $200,000 Costs $105,000 SG&A $20,000 Interest $19,000 Dividend paid $7,000 Retained Earnings Added
You are given the following information for Mobility Research, Inc. (MRI).
| Sales | $200,000 |
| Costs | $105,000 |
| SG&A | $20,000 |
| Interest | $19,000 |
| Dividend paid | $7,000 |
| Retained Earnings Added | $19,000 |
| Total Assets | $85,000 |
| Equity | $45,000 |
| Tax Rate | 35% |
How much was the depreciation charge for MRI? (Hint: Prepare the income statement. You will have to work backwards to find the missing data.)
Step by Step Solution
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Step: 1
Solution To find the depreciation charge we need to first prepare the income sta...
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Advanced Accounting
Authors: Gail Fayerman
1st Canadian Edition
9781118774113, 1118774116, 111803791X, 978-1118037911
