Buttery Ice-Cream had sales of $7.25 million in 2020. Its cost of goods sold was $4.5...
Buttery Ice-Cream had sales of $7.25 million in 2020. Its cost of goods sold was $4.5 million, and it had $1.2 million in selling, general, and administrative expenses. It paid interest of $21000 and dividends to its shareholders of $16000. For simplicity, assume a flat tax rate of 31%. The firmʹs operating profit in 2020 was
| $1,039,010 |
| $1,529,000 |
| $1,055,010 |
| $1,550,000 |
Homework Answers
Operating Profit = Operating Revenue - Cost of Goods Sold (COGS) - Operating Expenses - Depreciation - Amortization
=7.25 million-4.5 million-1.2 million
=1.55 million
The answer is d)
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