Suppose Ningbo Steel has sales revenue of $11,000 sales revenue, cost of goods sold off $5000, operating expenses of $1000, a tax rate of 20%, and 1,000 shares of common stock outstanding. Based on this information, what was the net profit after tax?

Suppose Ningbo Steel has sales revenue of $11,000 sales revenue, cost of goods sold off $5000, operating expenses of $1000, a tax rate of 20%, and 1,000 shares of common stock outstanding. Based on this information, what was the net profit after tax?

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 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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