1. .If gross profits are $300, and cost of goods sold is $600, what is the...
1. .If gross profits are $300, and cost of goods sold is $600, what is the net sales?
2.
If the current account balances are:
Cash = $1,000
Accounts receivable = $500
Accounts payable = $750
Common Equity = 2,000
Fixed Assets = 1,500
Calculate current assets.
3. . If earnings before taxes (EBT) are $136,000, net sales (all on credit) are $315,000, dividends are 25,000 and net income is 90,000, what is the tax expense?
Homework Answers
| 1) | Net sales = Gross profit+COGS = 300+600 = | $ 900 |
| 2) | Current assets = Cash+Accounts receivable = 1000+500 = | $ 1,500 |
| 3) | Tax expense = EBT-Net income = 136000-90000 = | $ 46,000 |
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1. .If gross profits are $300, and cost of goods sold is $600,
what is the...
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The balance sheet and income statement for the A. Thiel Mfg. Company are as follows. Calculate...
The balance sheet and income statement for the A. Thiel Mfg.
Company are as follows. Calculate the ratios at the
bottom.
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The balance sheet and income statement for the A. Thiel Mfg.
Company are as follows. Calculate the ratios at the
bottom.
Cash $ 500 Accounts receivable 2,000 Inventories 1,000 Current assets $3,500 Net fixed assets 4,500 Total assets $8,000 Accounts payable $1,100 Accrued expenses 600 Short-term notes payable 300 Current liabilities $2,000 Long-term debt 2,000 Owners' equity 4,000 Total liabilities and owners' equity $8,000 Income Statement ($000) Sales (all credit) $8,000 Cost of goods sold (3,300) Gross profit $4,700 Operating...
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