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QPark reported $860,000 of operating income and $750,000 of net income. The income tax rate is 30 percent. Below are selected accounts and amounts (in thousands) from QPark's financial statements for the year ending December 31:
Sales revenue
$ 8,500
Equipment
$20,400
Interest expense
300
Long-term debt
3,600
Retained earnings
14,000
Income taxes payable
1,100
Common stock
12,000
Total assets
45,400
Calculate the return on assets for QPark. Explain what information this ratio provides for investors.
In 1987, Herman Moore Company completed the construction of a building at a cost of $2,660,000 and first occupied it in January 1988. It was estimated that the building will have a useful life of 40 years and a salvage value of $79,800 at the end of ..
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During 2013, the first year of operations, oak inc. pays salaries of $295,000 at the end of the year employees have earned salaries of $20,000 which are not paid by oak until early in 2014. what is the amount of the deduction for salary expense
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