Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN: 9781285595047
Author: Weil
Publisher: Cengage
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Use the following information to construct an income statement.
Interest
Expense
Cost of Goods
Sold
Other Operating
Expenses
$350,196
$11,519,888
$244,807
Sales
Depreciation
Expense
Flat Tax Rate
$19,244,808
$467,723
21%
What was the firms Net Profit Margin? (answer in decimal form and round
to three decimal places; 7.6% = .076)
Using the following national income accounting data, compute (a) GDP. (b) NDP, and (c) NI. All figures are in billions.
Category
Compensation of employees
U.S. exports of goods and services
Consumption of fixed capital
Government purchases
Taxes on production and imports
Net private domestic investment
Transfer payments
U.S. imports of goods and services
Personal taxes
Net foreign factor income
Personal consumption expenditures
Statistical discrepancy
Instructions: Round your answers to 1 decimal place.
a. GDP = $ 437.8 billion
b. NDP = $426.02 billion
C. NI = $ 425.6 billion
Billions
$ 225.2
18.8
11.8
59.4
14.4
52.1
13.9
16.5
40.5
2.2
249.1
0.0
The income statement of Mid-South Logistics includes $12 million for amortized prior service cost. Does MidSouth Logistics prepare its financial statements according to U.S. GAAP or IFRS? Explain
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