What the answer for 22 The first time I had put 950,000The second time I had put 5,930,000 both was WRONG Use the following to answer questions 22 – 29GHT Corporation reports the following amounts in itsDecember 31, 20XD income statement:Cost of goods sold $525,000 Net salesSales discountsSalaries expense$950,00020,000 Advertising expense221,000 Utilities expense125,00032,500Interest revenue5,000|Effective income tax rate20% Use the following to answer questions 22 – 29GHT Corporation reports the following amounts in itsDecember 31, 20XD income statement:Cost of goods sold $525,000 Net salesSales discountsSalaries expense 221,000 Utilities expense$950,000125,00020,000 Advertising expense32,500Interest revenue5,000 Effective income tax rate20%22. $Determine Sales23.$Determine gross profit24. $Determine operating expenses25. $Determine Income before income taxes(IBT)26. $Determine Income tax expense27. $Determine net income28.Calculate gross profit ratio (round toone decimal place).

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What the answer for 22 The first time I had put 950,000 The second time I had put 5,930,000 both was WRONG

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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Concept explainers

Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.

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