Younis Corporation's income statement appears below:Income StatementSales (all on account)$1,240,000 Cost of goods sold 780,000 Gross margin 460,000 Operating expenses 416,571 Net operating income 43,429 Interest expense 14,000 Net income before taxes 29,429 Income taxes (30%) 8,829 Net income$20,600 The company's net profit margin percentage is closest to:
A. 1.7%
B. 2.4%
C. 37.1%
D. 3.5%
Answer: A
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Rodeo Corporation reported depreciation of $450,000 on its 2014 tax return. However, in its 2014 income statement, Rodeo reported depreciation of $300,000,as well as $30,000 interest revenue on tax-free bonds. The difference in depreciation is only a temporary difference, and it will reverse equally over the next three years. Rodeo's enacted income tax rates are as follows: 2014
............................ 35% 2015 ............................ 30% 2016 ............................ 25% 2017 ............................ 20% What amount should be included in the deferred income tax liability in Rodeo's December 31 . 2014, balance sheet? a. $52,500 b. $45,000 c. $30,000 d. $37,500
Complete the following table, which compares the effects of LIFO, FIFO and weighted-average inventory costing methods on the financial statements in periods of declining inventory costs. The answer should be lowest, highest, or middle
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An incontestability clause prohibits an insurer from contesting statements made in an insurance application until a specified time has elapsed
Indicate whether the statement is true or false
Inventory Control Corporation (ICC) hires Jim, a minor, to create customized software for ICC's clients. Jim signs a contract that requires him to work for ICC for eighteen months. Before beginning work, Jim tells ICC that he will not work for ICC but is going to work for Kwik Kounts, Inc., an ICC competitor. Is ICC's contract with Jim enforceable? Why or why not?
What will be an ideal response?