markeishamarsh4
09.09.2019 •
Business
Alpaca corporation had revenues of $300,000 in its first year of operations. the company has not collected on $20,000 of its sales and still owes $25,200 on $75,000 of merchandise it purchased. the company had no inventory on hand at the end of the year. the company paid $14,000 in salaries. owners invested $23,000 in the business and $23,000 was borrowed on a five-year note. the company paid $3,000 in interest that was the amount owed for the year, and paid $6,800 for a two-year insurance policy on the first day of business. alpaca has an effective income tax rate of 9%.
compute net income for the first year for alpaca corporation:
a) $ 183,092
b) $ 186,186
c) $ 225,000
d) $ 204,600
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Ответ:
Option (b) is correct.
Explanation:
Given that,
Revenues = $300,000
Merchandise it purchased = $75,000
Salaries paid = $14,000
Owners invested = $23,000
Borrowed on a five-year note = $23,000
Interest paid = $3,000
Paid for a two-year insurance policy = $6,800
Income tax rate = 9%
Gross Margin = Revenues - Cost of Goods Sold
= $300,000 - $75,000
= $225,000
Profit before tax = Gross Margin - Salaries - Insurance payment - Interest
= $225,000 - 14,000 - 3,400 - 3,000
= $204,600
Net Income = Profit before tax - Tax at 9%
= $204,600 - 18,414
= $186,186
Ответ:
tycoon people annoying
Explanation: