Chapter 17, Problem 28Q

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If a company has a profit margin of 10%, this means that:A) For every $1 of sales, the company earns $0.10 in profit.B) The company has $0.10 in expenses for every $1 of sales.C) The company’s revenue exceeds its expenses by 10%.D) The company’s assets exceed its liabilities by 10%.explain.

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On January 1, 2022, Nakamura Corporation had cash and share capital of Yen 75,000,000. At that date, the company had no other asset, liability, or equity balances. On January 3, 2022, it purchased for cash Yen 25,000,000 of equity securities that it classified as non-trading. It received cash dividends of Yen 5,200,000 during the year on these securities. In addition, it has an unrealized holding gain on these securities of Yen 7,800,000 net of tax. Determine the following amounts for 2022: a) Net income. b) Comprehensive income. c) Other Comprehensive Income, and d) Accumulated other comprehensive income (end of 2022).

During the current year, a business sells machinery for $380,000. The machinery cost $250,000 when purchased and placed in service three years ago and $70,000 of depreciation deductions were allowed. The results of the sale are ____. A) ordinary income of $130,000. B) Sec. 1231 gain of $200,000. C) ordinary income of $70,000 and Sec. 1231 gain of $60,000. D) ordinary income of $70,000 and Sec. 1231 gain of $130,000. HELP

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