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Question - Noventis Corporation prepared the following estimates for the four quarters of the current year:
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Sales
$1,550,000
$1,860,000
$2,170,000
$2,480,000
Cost of goods sold
455,000
535,000
605,000
655,000
Administrative costs
360,000
210,000
215,000
225,000
Advertising costs
0
200,000
Executive bonuses
96,000
Provision for bad debts
74,000
Annual maintenance costs
82,000
Additional Information - First-quarter administrative costs include the $100,000 annual insurance premium.
Advertising costs paid in the second quarter relate to television advertisements that will be broadcast throughout the entire year.
No special items affect income during the year.
Noventis estimates an effective income tax rate for the year of 40 percent.
Required -
a. Assuming that actual results do not vary from the estimates provided, determine the amount of net income to be reported each quarter of the current year.
b. Assume that actual results do not vary from the estimates provided except for that in the third quarter, the estimated annual effective income tax rate is revised downward to 38 percent. Determine the amount of net income to be reported each quarter of the current year.
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