SuperQuick Computer Corporation reported the following income statement for a recent quarter. Consolidated Statement of Income For
Question:
SuperQuick Computer Corporation reported the following income statement for a recent quarter.
Consolidated Statement of Income
For the Quarter Ended December 31, 2004
Sales ..................$719,150
Cost of sales ............... 549,313
169,837
Research and development costs ....... 16,900
Selling general and administrative expense ... 83,771
Other income and expense, net ......... 7,685
108,356
Income before income taxes .......... 61,481
Provision for income taxes ......... 15,451
Net income ...............$ 46,030
Earnings per share .............. $0.93
Assume that Other Income and Expense are nonoperating.
a. What was the company's gross profit for the quarter?
b. What was the amount of the company's product costs expensed during the quarter?
c. What was the amount of its operating expenses?
d. What was the amount of its operating income?
e. What was the amount of its nonoperating income or expense?
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Step by Step Answer:
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright