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34kurt
3 years ago
6

Short Corp. reported net income of $63,000 for the year and had a tax rate of 30%. Net sales were $300,000 and Operating expense

s were $90,000 for the year. Assuming there were no other revenues and expenses, what did Short report for cost of goods sold for the year?
Business
1 answer:
Mekhanik [1.2K]3 years ago
7 0

Answer:

Cost of goods sold  : $ 120.000

Explanation:

income before taxes   : 63000 / 0.7 = 90000  

(+) expenses                                          90.000

Total                                                      180.000

(-) net sales                                         300.000

= cost of goods                                   120.000

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The same amount of principal is invested in different accounts earning the same interest rate. Which of the following accounts w
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