The Following Information Was Taken from the Financial Statements of Lawson

question 15

Essay

The following information was taken from the financial statements of Lawson Company: $\begin{array}{lcc}&2017&2016\\ \text { Gross profit on sales } & \$ 900,000 & \$ 840,000 \\ \text { Income before income taxes } & 280,000 & 230,000 \\ \text { Net Income. } & 240,000 & 216,0 \\\text { Net income as a percentage of net sales }&8\%&9\%\end{array}$ Instructions
(a) Compute the net sales for each year.
(b) Compute the cost of goods sold in dollars and as a percentage of net sales for each year.
(c) Compute operating expenses in dollars and as a percentage of net sales for each year. (Income taxes are not operating expenses).

Recognize the principle of cognitive dissonance and its resolution.

Understand the concepts of job satisfaction, organizational commitment, and their respective dimensions.

Distinguish between positive and counterproductive workplace behaviors.

Understand the impact of job involvement and organizational citizenship on organizational commitment and engagement.

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Definitions:

Exchange Rate

The price of one currency in terms of another, determining how much foreign currency can be exchanged for the domestic currency.

Baht

The currency of Thailand, symbolized as ฿ and used in financial transactions within the country.

U.S. Currency

The system of money in general use in the United States, including coins and paper notes issued by the government.

Production Possibility Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs representing resources or other constraints.