Explain percent of gross revenue, Accounting Basics

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Explain percent of gross revenue

In 2010, Dangerous Dragon, Inc. sold 522,305 units of its product at an average price of $15 per unit.The company reported estimated Returns and allowances in 2010 of 3 percent of gross revenue.

Dangerous Dragon actually purchased 550,000 units of its product from its manufacturer in 2010 at an average cost of $10 per unit.Dangerous Dragon began 2010 with 85,000 units of its product in inventory.

Operating expenses for Dangerous Dragon, Inc. in 2010 were $1,792,536 and depreciation expense was $103,103.Dangerous Dragon had $10,000,000 in debt outstanding throughout all of 2010.
This debt carried an average interest rate of 6 percent.

Finally, Dangerous Dragon's tax rate was 40 percent. Dangerous Dragon's fiscal year runs from January 1 through December 31.Given this information, construct Dangerous Dragon's 2010 multi-step income statement. What did Dangerous Dragon, Inc. record as NET INCOME on its 2010 income statement?

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Accounting Basics: Explain percent of gross revenue

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Accounting Basics: Explain percent of gross revenue

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Recent Questions Asked Accounting Basics

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Accounting Basics: Explain percent of gross revenue

Reference No:- TGS0704109

Recent Questions Asked Accounting Basics

Q : How much estate tax under the rate schedule

Q : Compute bowwow ending inventory balance

Q : Compute net tax payable or refund due for alice and bruce

Q : How many of each type of truck should be produced

Q : Explain percent of gross revenue

Q : Determine the machine to produce a satisfactory product

Q : Describe the qualitative factors

Q : Uses a computer to handle its sales invoices

Q : How many pounds of raw materials should be purchased

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