IUB Corporation Projected a Year End Net Income of $80,000

question 144

Short Answer

IUB Corporation projected a year end net income of $80,000. This net income represented 15% of projected annual sales. What are IUB's projected annual sales? (Round to nearest dollar.)

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Definitions:

Extended Warranty

An additional warranty that covers the repair or replacement of items beyond the standard warranty period.

Chequing Account

A bank account from which money can be quickly withdrawn using checks, debit cards, or electronic methods.

Misrepresentation

A false statement or lie that deceives, misleads, or misinforms someone, often leading to contractual agreements based on incorrect information.

Contract Voidable

A legal agreement that can be legally declared invalid or unenforceable by one or more of the parties involved due to specific reasons, such as misrepresentation or duress.