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What the answer for 22, 24, 27 For 22 I had got 950,000 and it’s wrong For 24 I had got 46,500 and it’s wrong For 27 I had got 61,800 and it’s wrong

What the answer for 22, 24, 27 For 22 I had got 950,000 and it’s wrong For 24 I had got 46,500 and it’s wrong For 27 I had got 61,800 and it’s wrong

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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What the answer for 22, 24, 27 For 22 I had got 950,000 and it’s wrong For 24 I had got 46,500 and it’s wrong For 27 I had got 61,800 and it’s wrong
Interest revenue 5,000 Effective income tax rate 20% 22. $ Determine Sales 23. $ Determine gross profit 24. $ Determine operating expenses 25. $ Determine Income before income taxes (IBT) 26. $ Determine Income tax expense 27. $ Determine net income 28. % Calculate gross profit ratio (round to one decimal place). Comparing GHT's common sized income statement with its competitor. The competitor's gross margin is 43.6%, which company is doing better? 29.
Transcribed Image Text:Interest revenue 5,000 Effective income tax rate 20% 22. $ Determine Sales 23. $ Determine gross profit 24. $ Determine operating expenses 25. $ Determine Income before income taxes (IBT) 26. $ Determine Income tax expense 27. $ Determine net income 28. % Calculate gross profit ratio (round to one decimal place). Comparing GHT's common sized income statement with its competitor. The competitor's gross margin is 43.6%, which company is doing better? 29.
Use the following to answer questions 22 – 29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold $525,000 Net sales Sales discounts Salaries expense 221,000 Utilities expense $950,000 125,000 20,000 Advertising expense 32,500 Interest revenue 5,000 Effective income tax rate 20% 22. $ Determine Sales 23. $ Determine gross profit 24. $ Determine operating expenses 25. $ Determine Income before income taxes (IBT) 26. $ Determine Income tax expense 27. $ Determine net income 28. Calculate gross profit ratio (round to one decimal place).
Transcribed Image Text:Use the following to answer questions 22 – 29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold $525,000 Net sales Sales discounts Salaries expense 221,000 Utilities expense $950,000 125,000 20,000 Advertising expense 32,500 Interest revenue 5,000 Effective income tax rate 20% 22. $ Determine Sales 23. $ Determine gross profit 24. $ Determine operating expenses 25. $ Determine Income before income taxes (IBT) 26. $ Determine Income tax expense 27. $ Determine net income 28. Calculate gross profit ratio (round to one decimal place).
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