Question
Answer the three following questions showing work 1. Cipriano's operates luxury restaurants around the world. In...
Answer the three following questions showing work
1. Cipriano's operates luxury restaurants around the world. In 2019 it reported sales of
$48,750,000. It also reported the following expenses:
- $7,425,000 in selling, general and administrative expenses
- $28,450,000 in costs of goods sold
- $890,000 in interest expense
- $1,400,000 in lease expense
- $2,100,000 in depreciation expense
Build an income statement and calculate net profit after taxes assuming a 34% tax rate.
Please clearly label all line items (including gross profit, operating profit, and net profit
before taxes).
Homework Answers
Answer #1
Net profit after taxes = $5,600,100
Working:
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