AccountingMom
New member
- Joined
- Aug 15, 2019
- Messages
- 3
Given the following Balance Sheet extract, calculate the net profit on the Income Statement. (Assuming tax rate = 10% of operating profit) Balance Sheet extract: Common Stock 200, Retained earnings 25 , Revenues 170, Cost of Sales (103), Salaries (30), Interest (12) I keep getting 25 for my answer, but the correct answer is 21.....HOW?