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blagie [28]
3 years ago
6

Item 15Item 15If Beck's Bicycles, Inc.'s income statement shows gross profit of $350 million, with operating expenses of $120 mi

llion, and if Beck's tax rate is 30%, what is the firm's net income after taxes
Business
1 answer:
Alinara [238K]3 years ago
8 0

Answer:

$161 million

Explanation:

Given that,

Gross profit = $350 million

Operating expenses = $120 million

Tax rate = 30%

First, we need to find out the income before taxes by subtracting operating expenses from the gross profit then we are able to determine net income after taxes.

Income before tax:

= Gross profit - Operating expenses

= $350 million - $120 million

= $230 million

Net income after taxes:

= Income before tax - Taxes

= $230 million - (0.30 × $230 million)

= $230 million - $69 million

= $161 million

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Which of the following might vary in on online purchase depending on where the purchaser lives?
kondaur [170]

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The sales tax

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2 years ago
The GAP is a global clothing retailer for men, women, children, and babies. The following information is taken from The Sap's fi
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Answer:

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a. Cost of goods sold = $10,364

b. Cash paid to suppliers = $10,409

Explanation:

a) Data and Calculations:

Selected Balance Sheet Data

        ($ millions)     2015   2014

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Accounts Payable  1,157      1,128

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Purchases                   10,438

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Ending inventory         (1,918)

Cost of goods sold $10,364

c) Accounts Payable:

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Purchases                        10,438

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3 0
3 years ago
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Answer:

True

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