Martin MFG Co results for the yearended Dec 31, 2020 included the following items Net income &
Martin MFG Co results for the yearended Dec 31, 2020 included the
following items
Net
income
867
COGS.
3294
Selling and admin expense 2594
Restructuring expense.
394
Interest
revenue.
44
Tax
rate.
40%
Which numbers would Martin Mfg Co report?
Gross profit:
Operating Income:
Revenue:
please show your work
Homework Answers
Based on the information available, we can answer as follows:-
Requirement A:-
Gross Profit = Operating Income + Selling and admin expense - Interest Revenue + Restructuring expense
Operating Income = $867/0.60
Gross Profit = $1,445 + $2,594 - $44 +$394
Gross Profit = $4,389
Requirement B:-
Operating Income = Net Income/(1-Tax)
Operating Income = $867/(1-0.40)
Operating Income = $867/0.60
Operating Income = $1,445
Requirement C:-
Revenue = Gross Profit + Cost of Goods sold
Revenue = $4,389 + $3,294
Revenue = $7,683
Please let me know if you have any questions via comments and all the best :) !
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