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wariber [46]
3 years ago
12

Suppose Ningbo Steel had sales revenue of $11,000 sales revenue, cost of goods sold of $5,000, operating expenses of $3000, inte

rest expense of $1,000, a tax rate of 20%, and 1,000 shares of common stock outstanding. Based on this information, net profit after tax was:_________.
A. $1,600
B. $500
C. $1,000
D. $0
Business
1 answer:
Anon25 [30]3 years ago
6 0

Answer:

A. $1,600

Explanation:

                               Ningbo Steel

                           Income Statement

Sales Revenue                                   $11,000

Less Cost of goods sold                    <u>$5,000 </u>

Gross Profit                                         $6,000

Less Operating Expense                    <u>$3,000 </u>

Earning Before Interest and Taxes    $3,000  

Less Interest Expense                         <u>$1,000</u>

Earning before Tax                              $2,000  

Less Tax Expenses (2,000 *20%)       <u>$400</u>

Net Profit after tax                              <u>$1,600</u>

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Answer:

Check the explanation

Explanation:

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Direct labour hour                                                          8000

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3 years ago
The Murdock Corporation reported the following balance sheet data for 2018 and 2017: 2018 2017 Cash $91,805 $30,755 Available-fo
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Answer:

net income                                                    $63,000

+ depreciation                                                $51,700

- gain on sale of equipment                          ($1,650)

change in current assets:

- increase in accounts receivables             ($13,050)

- increase in inventory                                 ($21,300)

+ decrease in prepaid insurance                     $630

change in current liabilities:

- decrease in accounts payable                ($73,630)

- decrease in salaries payable                    ($5,800)

- decrease in notes payable                      ($51,300)

<u>net cash provided by operating activities ($51,400)</u>

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Salaries payable 25,200 31,000 = -5,800

Notes payable (current) 36,700 88,000 = -51,300

Bonds payable 213,000 0 FINANCING ACTIVITY

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3 0
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