Compute income taxes owed for a manufacturing company with the following Accounting data: . • • Gross revenue: $35 million Cost of goods sold: $12 million Operating expenses: $7.5 million Depreciation: $4.2 million Interest expenses: $1.8 million
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- Sub. GENERAL ACCOUNTAssume Martinez Company has the following reported amounts: Sales revenue $ 610,000, Sales returns and allowances $ 30,000, Cost of goods sold $ 396,500, and Operating expenses $ 84,000. (a) Compute net sales. Net sales (b) Compute gross profit. Gross profit (c) Compute income from operations. Income from operations (d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.) Gross profit rate %24Consider the following income statement: Sales Costs Depreciation Taxes Calculate the EBIT. EBIT $748,168 486,752 110,700 Net income 23% Calculate the net income.