Question 2
The annual sales for Salco, Inc. were $4.44 million last year. The firm’s end-of-year balance sheet was as follows:
Current assets: $496,000 liabilities $993,000
Net Fixed assets: 1,490,000 Owners equity $993,000
Total Assets: $1,986,000 Total $1,986,000
Salco’s income statement is a follows:
Sales: $4,440,000
Less: Cost of goods sold (3,492,000)
Gross Profit: $948,000
Less: Operating expenses: (501,000)
Net operating income: $447,000
Less: Interest expense: (110,000)
Earnings before taxes: $337,000
Less: Taxes (35%) (117,950)
Net Income: $219,050
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more