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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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Part a

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Add Desired Closing Inventory                      30,000                15,000

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<em>Note : I have attached the complete question as images below !</em>

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