User Account

All Pages

Little books inc recently reported 13 million of net income

Assignment Help Accounting Basics
Reference no: EM13604088

Little Books Inc. recently reported $13 million of net income. Its EBIT was $28.6 million, and its tax rate was 35%. What was its interest expense? [Hint: Write out the headings for an income statement and then fill in the known values. Then divide $13 million net income by (1 - T) = 0.65 to find the pretax income. The difference between EBIT and taxable income must be the interest expense. Use this same procedure to complete similar problems.] Write out your answer completely

Reference no: EM13604088

Questions Cloud

You have just been hired as a financial analyst for basel : you have just been hired as a financial analyst for basel industries. unfortunately company headquarters where all of
You have just received notice that a customer of yours : you have just received notice that a customer of yours with an account receivable balance of 100 has gone bankrupt and
A 10-year 1000 face value bond sells for 925 and has an 8 : a 10-year 1000 face value bond sells for 925 and has an 8 annual coupon rate. what is the bonds current yield? what is
Allowance for doubtful accounts has a debit balance of 1200 : allowance for doubtful accounts has a debit balance of 1200 at the end of the year before adjustment. the company
Little books inc recently reported 13 million of net income : little books inc. recently reported 13 million of net income. its ebit was 28.6 million and its tax rate was 35. what
Maria alvarez a beginning accounting student believes : maria alvarez a beginning accounting student believes debit balances are favorable and credit balances are unfavorable.
Based on the information above im trying to determine the : based on the information above im trying to determine the cost of goods sold. but i have no clue how do so. it seems
You have two investment opportunities one will have a 10 : you have two investment opportunities. one will have a 10 rate of return on an investment of 500 the other will have an
Assume that on september 1 office depot had an inventory : assume that on september 1 office depot had an inventory that included a variety of calculators. the company uses a

Reviews

Write a Review

Accounting Basics Questions & Answers

  Explain what the criticisms are surrounding the actexplain

identify key components of the sarbanes-oxley act of 2002 and describe its primary objective.explain what the

  What are different criteria for recognizing revenue

What are different criteria for recognizing revenue?Why are there so many revenue recognition methods?Why are the methods subjective and what are the implications on income statement quality?

  On june 23 2008 mikhal cosmetics sold 250000 worth of its

on june 23 2008 mikhal cosmetics sold 250000 worth of its products to rynex corporation with the payment to be made

  On may 1 2010 newby corp issued 634100 5 5-year bonds at

on may 1 2010 newby corp. issued 634100 5 5-year bonds at face value. the bonds were dated may 1 2010 and pay interest

  Croyden is a calendar year accrual basis corporation mr and

croyden is a calendar year accrual basis corporation. mr. and mrs. croyden cash basis taxpayers are the sole corporate

  It is said that uncontrolled inventory can lead to huge

bullit is said that uncontrolled inventory can lead to huge costs for a manufacturing operation. identify and discuss

  Disclosures in segmental reporting

Which of the following statements about required disclosures in segmental reporting is not true?

  Create an audit report with findings

Create an audit report with the findings being somewhere between $5,000,000 and $30,000,000 Include these items in the report: The area under audit where the finding occurred, The steps you undertook during the audit

  In performing a symmetric approximation you calculate a

in performing a symmetric approximation you calculate a mean of the total system cost as 1725k. the variance is 22500.

  A companys income statement showed the following net income

a companys income statement showed the following net income 132000 depreciation expense 34000 and gain on sale of plant

  Hourly wages earned by workers

Assume that there are four weeks per month. In rough terms, the hourly wages earned by workers in the garment factory described in the news article is:

  The company applies overhead costs based on direlect labor

prepare journal entries- post the entires to t accounts with the beginning balances with ending balances for raw

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd