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Price Publications, Inc., produces and sells business books. The results of the company's operations for the year ended December 31, 20x1, are given below.
Sales Revenue $400,000
Cost of goods sold (manufacturing costs):
Fixed $10,000
Variable $20,000
Selling Costs:
Administrative Costs:
Fixed $24,000
Variable $6,000
Required:
A. Prepare a traditional income statement for the company.
B. Prepare a contribution income statement for the company.
C. Which income statement (traditional or contribution) would an operating manager most likely use to study changes in operating income that are caused by changes in sales? Why?
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Prior to the effect of tax credits, Eunice’s regular income tax liability is $225,000 and her tentative AMT is $212,000. Eunice has general business credits available of $15,000. Calculate Eunice’s tax liability after tax credits.
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On January 1, 2013, Salvatore Company leased several machines from Nola Corporation under a three-year operating lease agreement. The lease calls for semiannual payments of $15,000 each, payable on June 30 and December 31 of each year. The machines w..
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