NT ACCOUNTING HEADS!!!! help

[joe camel smooth]

k so i don't go to class because it's boring so i'm lost......online quiz due in a couple hours.......acct 201

The following comparative information is available for Public Company for 2010. LIFO FIFO Sales $86,321 $86,321 Cost of goods sold 40,555 29,466 Operating expenses (including depreciation) 31,972 31,972 Depreciation 14,567 14,567 Cash paid for inventory purchases 34,657 34,657

[img]http://edugen.wiley.com/edugen/art2/common/pixel.gif[/img]

Determine net income under each approach. Assume a 30% tax rate.

how do i do this? is it (sales - cost of goods sold - operating expenses - depreciation) * .7?

my friend took it already and he tried (sales - cost of goods sold - operating expenses) * .7 and it was wrong.


and here is a pic of marissa miller. thanks for clicking.

 

[the north west]

it's been a looong time for me but are you suppose to tax depreciation?

that part doesn't seem right

 

[chiqga]

Sales - COGS = Gross Profit
Gross Profit - Operating Expenses - Cash paid for Inv = Net Income before taxes
Net Income before taxes * .7 = Net Income

?

 

[quaz]

201 confused the *&^% outta me, if it was 202 now there is something I could help you with.

 

[joe camel smooth]

actually i think i got it.....anyone know how to calculate "net cash provided by operating activity" though?

 

[dream5hift]

Are you still passing the class since you don't go to class often? I'm in the first accounting class and it's killing me already. The class is notboring since the teacher's pace is a little fast.

 

[joe camel smooth]

lol got em all wrong oh well.

yeah im getting an a but its curved so who knows

 

[jumpman2314]

I should know this

...

 

[matt53]

i'm in 201 but i'm sooo bad at it