Information for Sunrise Enterprises for the fiscal year ending October 31, 2024:Sales: ?800,000Cost of Goods Sold: ?500,000Administrative...
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Accounting
- Information for Sunrise Enterprises for the fiscal year ending October 31, 2024:
- Sales: ?800,000
- Cost of Goods Sold: ?500,000
- Administrative Expenses: ?60,000
- Selling Expenses: ?45,000
- Interest Expense: ?25,000
- Income Tax: ?28,000
Requirements:
- Calculate the gross profit.
- Determine the operating profit.
- Compute the net profit before tax.
- Calculate the net profit after tax.
- Prepare the income statement using a paragraph format.
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