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Ivan
2 years ago
7

During the fiscal year ended 2016, a company had revenues of $520,000, cost of goods sold of $375,000, and an income tax rate of

36 percent on income before income taxes. What was the company's 2016 net income
Business
1 answer:
7nadin3 [17]2 years ago
8 0

Answer:

the net income is $92,800

Explanation:

The computation of the net income is given below:

Net income is

= Sales - cost of goods sold - tax rate on the remaining balance left

= $520,000 - $375,000 - (($520,000 - $375,000) ×0.36)

= $145,000 - $145,000 × 0.36

= $145,000 - $52,200

= $92,800

Hence, the net income is $92,800

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Answer:

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When share issued are paid for at an amount above the par or ordinary value, the excess paid is known as share premium.

The share premium like the par or ordinary value is recognized in the balance sheet as a part of the owners equity.

For a stock unit at par value of $1 for which the issue price was $10,

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Ordinary share value = $1 × 5000 = $5,000

Share premium amount = $9 × 5,000 = $45,000

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