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Profitability ratios Dr.Zhivago Diagnostics Corp. income statements for 2010 is as follows: Sales $2,000,000 Cost of goods sold 1,400,000 Gross profit 600,000 Selling and administrative expense 300,000 Operating profit 300,000 Interest expense 50,000 Income before taxes 250,000 Taxes 75,000 Income after taxes $ 175,000 a. Compute the profit margin for 2010. b. Assume in 2011, sales increase by 10 percent and cost of goods sold increases by 20 percent. The firm is able to keep all other expenses the same. Once again, assume a tax rate of 30 percent on income before taxes. What are income after taxes and the profit margin for 2011?
Prepare store ledger card under FIFO method by using perpetual inventory system.
Supposing that all other factors remain unchanged, determine how a firm's breakeven point is affected by each ofthe following:
You are required to write a report to your boss to help her understand these terms trial balance, cash book, general journal, books of prime entry effects of transactions and accounting equation.
Inventory is an important asset for merchandisers. Considering the various methods of valuing inventory and the flow of merchandise, what are the strengths and weaknesses of each method? Why would a company chose one method over another? Is there ..
define the generally accepted accounting principles that justify making adjusting entries and speculate on the primary
the following information was taken from the ledger of jefferson industries inc.direct labor85000administrative
From the above information, fill in the blanks below. Be sure to mark your variances F for favorable and U for unfavorable. a. Flexible-budget variance $______ Fixed $______
Maggie Moo's Ice Cream Shop had a gross pay of $19,000 and a net pay of $13,200 for the latest payroll. The journal entry to pay the payroll would be:
What is the appropriate balance for the Allowance for Doubtful Accounts on Dec. 31?
the 2012 annual report of american express services reported revenue of 21000000000. total expenses for the year were
let us pretend that you are collecting requirements for a new accounting system in your company. who might be
Compare and contrast proprietary fund reporting under GASB No.34 with GAAP financial reporting for non-governmental entities. Examine why GASB requires the direct method for cash flow statements in the proprietary funds instead of allowing the dir..
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