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At the end of 2010, vandals destroyed your financial records. Fortunately, the controller had kept certain statistical data related to the income statement, as follows:
a. Cost of goods sold was $2 million.
b. Administrative expenses were 20% of the cost of sales but only 10% of sales.
c. Selling expenses were 150% of administrative expenses.
d. Bonds payable were $1 million, with an average interest rate of 11%.
e. The tax rate was 48%.
f. 50,000 shares of common stock were outstanding for the entire year.
Required
From the information given, reconstruct a multiple-step income statement for the year. Include earnings per share.
Calculating Profitability Ratios Music Row, Inc. has sales of $32 million, total assets of $43 million, and total debt of $9 million. If the profit margin is 7 percent, what is net income? What is ROA? What is ROE?
1 there were bank service charges for june of 25.2 a bank memo declared that bao dais note for 1200 and interest of 36
looker hats is planning to sell 600 and produce felt hats 700 during june. each hat requires 12 yard of felt and 14
budgeting is an important internal activity. preparing budgets involves forecasting sales and estimating costs. for
select a public university system and review the financial statements and audit report for the system. write a three to
timothy is a 35 percent partner in the total partnership a calendar-year-end entity. timothy has an outside basis in
Prepare the entry on June 1, prepare the adjusting entry on June 30 - What was the total financing cost
Prepare an increment analysis to determine whether or not Deep Blue should accept the special sales order and identify long term factors Deep Blue should consider in deciding whether to accept the special sales order.
If you were brought on board as their present-day business advisor, you would describe to them that all partnerships have at least one general partner (known as the senior partner) and one limited partner (known as the junior partner).
What would KuttyIndustries's Cost of Goods Sold had been if they had used the FIFO inventory method for the year ended 12/31/2012?
Sales reported on the income statements were $450,000. The accounts receivable balance increased $47,000 over the year. Determine the amount of cash received from customers.
Making every effort to reflect possible future losses accurately.
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