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Compute the missing amounts for year nine and ten

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Reference no: EM13843346

Income Statement Relations

Selected income statement information for Novo Limited (Novo), a Hong Kong personal computer manufacturer, for the years ended March 31, Years 9 and 10 appears below. Novo applies Hong Kong financial reporting standards and reports its results in thousands of U.S. dollars. In answering this question, assume Novo uses either U.S. GAAP or IFRS; for purposes of this problem, this choice will not matter.

 

Year 10

Year 9

Revenue

$16,351,503

$13,978,309

Cost of Goods Sold

13,901,523

12,091,433

Selling and Administrative Expenses

1,103,713

1,033,296

Gross Profit

?

?

Profit Before Taxes

?

?

Advertising

595,902

488,150

Research and Development

229,759

196,225

Other Income

?

18,130

Income Tax Expense

47,613

26,197

Net Income

484,708

?

Compute the missing amounts for Year 9 and Year 10.

Novo Limited
Income Statement
For the Years Ended March 31
  Year 10 Year 9
Sales $16,351,503 $13,978,309
Cost of Goods Sold 13,901,523 12,091,433
Gross Profit $ $
Selling and Administrative Expense 1,103,713 1,033,296
Advertising Expense 595,902 488,150
Research and Development Expense 229,759 196,225
Other Income (Expense)   18,130
Profit Before Taxes $ $
Income Tax Expense 47,613 26,197
Net Income $484,708 $

Reference no: EM13843346

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