Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. abc corp. reported net income of $63,000 for 2011

ABC Corp. reported net income of $63,000 for 2011 and had a tax rate of...

80.2K

Verified Solution

Question

Accounting

ABC Corp. reported net income of $63,000 for 2011 and had a tax rate of 30%. Net sales were $300,000 and Operating expenses were $90,000 for the year. Assuming there were no other revenues and expenses, what did ABC report for cost of goods sold for 2011? The answer is 120,000 but could you please give detailed solution? Thank you very much sir!

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

0 pts Motility, via flagella, is metabolically expensive for the cell. Microbiologists have noticed that many motile cells...

Physics
1.2K views

336 W Power t 60 Two liquids A and B are at 32 C and...

Geometry
1.2K views

29 27 Find the values of a and b A a 9 b 9 2...

Basic Math
1.2K views

5. Find the general solution of the differential equationy"(t) - 5y' (t) + 4y(t) =...

Calculus
1.2K views

Solve the initial value problem y y f t u e du y 0

Calculus
1.2K views

The radius of a sphere is decreasing at a constant rate of 6 feet per...

Algebra
1.2K views

Study the following scenario Stanley has a job that pays 45 000 a year that...

Accounting
1.2K views

Alyeski Tours operates day tours of coastal glaciers in Alaska on its tour boat the...

Accounting
1.2K views

Los estados financieros del pas presentaban indicios de riesgo relacionados con la posibilidad de prdidas...

Accounting
1.2K views

i need answers for 2 part. please help me. Thank you! Sunland...

Finance
1.2K views

You plan to purchase a $150,000 house using a 15 -year mortgage obtained from your...

Accounting
1.2K views

Green Thumb Gardening is a small gardening service that uses activity-based costing to estimate costs...