Business, 14.07.2020 22:01 hannahpelkey

A firm had the following accounts and financial data for 2013. The firm's net profit after taxes for 2013 was .

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Answer from: ramjand3062

Therefore, the firm's net profit after taxes for 2013 was $320.

Explanation:

Note: This question is not complete. But a complete question is has been provided in the attached file. Kindly find the attached file.

Net profit after taxes is the profit that is obtained after all expenses including taxes have been deducted from revenue.

The net profit after tax of a firm can be determined by preparing an income statement.

Therefore, an income statement is prepared for this question to determine the firm's net profit after taxes as follows:

Income Statement

For the Year 2013

Particulars $

Sales 3,060

Cost of goods sold (1,800)

Gross Profit 1,260

Operating expenses (600)

Operating profit 660

Interest expense (126)

Profit before tax 534

Tax (534 * 40%) (214)

Net profit after tax 320

Therefore, the firm's net profit after taxes for 2013 was $320.

A firm had the following accounts and financial data for 2013. The firm's net profit after taxes for

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A firm had the following accounts and financial data for 2013. The firm's net profit after taxes for...

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