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djverab [1.8K]
3 years ago
10

Marcos Company reported the following items on its financial statements for the year ending December 31, 2016:

Business
1 answer:
Sergeeva-Olga [200]3 years ago
8 0

Answer:

$35,000

Explanation:

Gross Profit:

= Sales - Cost of Goods sold

= $560,000 - $400,000

= $160,000

Income before tax:

= Gross Profit - Salary Expense - Interest expense

= $160,000 - $40,000 - $30,000

= $90,000

Income after tax:

= Income before tax - Tax

= $90,000 - $25,000.

= $65,000

Transfer to Retained Earnings:

= Income after tax - Dividend

= $65,000 - $30,000

= $35,000

Closing Retained Earnings:

= Net Income (After tax) - Dividend payment

= $65,000 - $30,000

= $35,000

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Answer:

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Cheers!

5 0
4 years ago
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<h3>Income statement: What is it?</h3>

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6 0
2 years ago
The ability to produce a wide range of products or service is:
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Answer:

a. mix flexibility

Explanation:

Mix flexibility -

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The product and options mix as well as aggregate product families need to be predicted.

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6 0
3 years ago
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Explanation:

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8 0
3 years ago
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Answer:

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As it was focused on the action of now what can be done.

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3 years ago
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