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Kryger [21]
3 years ago
11

Income Statement. A firm’s income statement included the following data. The firm’s average tax rate was 20%. (LO3-1) Cost of go

ods sold $8,000 Income taxes paid $2,000 Administrative expenses $3,000 Interest expense $1,000 Depreciation $1,000 What was the firm’s net income? What must have been the firm’s revenues? What was EBIT?
Business
1 answer:
Blababa [14]3 years ago
7 0

Answer:

Revenues: $23.000

Net Income : $8.000

EBIT: $11.000

Please see details below:

Explanation:

Income Statement 2017

Revenues $23.000

Cost of goods sold -$8.000

Depreciation -$1.000

Gross Profit $14.000

Administrative Expenses -$3.000

Net Income Before Taxes and Int $11.000

Interest Expenses -$1.000

Net Income Before Taxes $10.000

Tax RATE 20%  -$2.000

Net Income after Taxes $8.000

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Kendall is __________ because he feels a strong sense of responsibility for his work and regularly does more than his job requir
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Answer:

Explanation:

In this statement, Kendall is an active follower because he pushes himself in his work and tries to provide as much value to his employer as possible. This includes giving ideas, perfecting his work, and even going above and beyond by doing tasks that are not part of the job description to simply help out. On the other hand, Cora is a conformist because she follows orders exactly as they are given regardless of whether they are unethical or may cause problems with the other co-workers.

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2 years ago
Foster Industries manufactures 20,000 components per year. The manufacturing cost of the components was determined as follows: D
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Answer:

$25,000 increase

Explanation:

Cost of Manufacturing                                                           Amount

Direct Materials                                                                    $150,000.00

Direct Labor                                                                          $240,000.00

Inspecting products                            60,000 x 0.90              $54,000.00

Providing Power                       30,000 x 0.90                      $27,000.00

Providing Supervision           40000 x 0.60                              $24,000.00

Setting up Equipment                    60000 x 0.50              $30,000.00

Moving Materials                           20,000 x 0.50               $10,000.00

Total                                                                                    $535,000.00

Buying Cost                                  (20000 x 25.50)             $510,000.00

Incremental Saving by Purchase ( $535000-$510000)      $25,000.00

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