Compute the net income considering the following information from Antiques Galore. Sales Gross Margin Selling Expenses $40,000 24,600 4,000 General and Administrative Expenses 4,500 Income Tax Expense 1,200

Compute the net income considering the following information from Antiques Galore. Sales Gross Margin Selling Expenses $40,000 24,600 4,000 General and Administrative Expenses 4,500 Income Tax Expense 1,200

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

Solve this problem not use ai

Compute the net income considering the following information
from Antiques Galore.
Sales
Gross Margin
Selling Expenses
$40,000
24,600
4,000
General and Administrative Expenses 4,500
Income Tax Expense
1,200

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Please answer very fast then i ll upvote Calculate EBIT. Revenue 1,061,751.0 Cost of sales 690,135.0 Selling, general and administration 53,087.0 Other income 11,796.0 Operating income 330,325.0 Interest expense 19,874.0 Profit before tax 310,451.0 Tax expense 46,500.0 Net income 263,951.0 The footnotes mention the following: Cost of sales includes inventory write off costs 39,677.0 Cost of sales includes distribution costs 120,458.0 SG&A includes corporate restructuring expenses 15,570.0 Responses 385,572.0 275,078.0 330,325.0 506,030.0
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