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Q1. Create an income statement in good form for the company based on the information given below: Michael Petcherski from Toronto, ON, seeks Dragon dollars for his line of dehydrated apple snacks. The three Works Snacks and Chips company asking Dragon for 300K in exchange of 15% of the company's equity. The company first year Sale total of $850,000 and assumed that $460,000 of the sale is coming from the apple product. Profit margin: globally, the company made the total of 65% on gross margin. The founder invested 15-20% on promotion expense before the 65% of the sale Assume a tax rate of 15%.

Q1. Create an income statement in good form for the company based on the information given below: Michael Petcherski from Toronto, ON, seeks Dragon dollars for his line of dehydrated apple snacks. The three Works Snacks and Chips company asking Dragon for 300K in exchange of 15% of the company's equity. The company first year Sale total of $850,000 and assumed that $460,000 of the sale is coming from the apple product. Profit margin: globally, the company made the total of 65% on gross margin. The founder invested 15-20% on promotion expense before the 65% of the sale Assume a tax rate of 15%.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q2. Create an income statement in good form for the company based on the information given below: Based on the final equity agreement of investment between the Dragon and Michael Petcherski founder of the dehydrated apple snacks, Dragon agrees to offer 300K in exchange of 50% of the company's equity. The company first year Sale total of $850,000 and assumed that $460,000 of the sale is coming from the apple product. Profit margin: globally, the company made the total of 65% on gross margin. The founder invested 15-20% on promotion expense before the 65% of the sale Assume a tax rate of 15%.
Transcribed Image Text:Q2. Create an income statement in good form for the company based on the information given below: Based on the final equity agreement of investment between the Dragon and Michael Petcherski founder of the dehydrated apple snacks, Dragon agrees to offer 300K in exchange of 50% of the company's equity. The company first year Sale total of $850,000 and assumed that $460,000 of the sale is coming from the apple product. Profit margin: globally, the company made the total of 65% on gross margin. The founder invested 15-20% on promotion expense before the 65% of the sale Assume a tax rate of 15%.
Q1. Create an income statement in good form for the company based on the information given below: Michael Petcherski from Toronto, ON, seeks Dragon dollars for his line of dehydrated apple snacks. The three Works Snacks and Chips company asking Dragon for 300K in exchange of 15% of the company's equity. The company first year Sale total of $850,000 and assumed that $460,000 of the sale is coming from the apple product. Profit margin: globally, the company made the total of 65% on gross margin. The founder invested 15-20% on promotion expense before the 65% of the sale Assume a tax rate of 15%. H
Transcribed Image Text:Q1. Create an income statement in good form for the company based on the information given below: Michael Petcherski from Toronto, ON, seeks Dragon dollars for his line of dehydrated apple snacks. The three Works Snacks and Chips company asking Dragon for 300K in exchange of 15% of the company's equity. The company first year Sale total of $850,000 and assumed that $460,000 of the sale is coming from the apple product. Profit margin: globally, the company made the total of 65% on gross margin. The founder invested 15-20% on promotion expense before the 65% of the sale Assume a tax rate of 15%. H
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