Find (A) the Gross Profit, (B) the Net Income Before

question 30

Multiple Choice

Find (a) the gross profit, (b) the net income before taxes, and (c) the net income after taxes.
-Eddie's TV and Appliance had gross sales of $619,000, returns of $27,000, operating expenses of $153,000, taxes of $30,950, and a cost of goods sold of $241,000.

• A)(a)$351,000 (b)$198,000 (c)$167,050
• B)(a)$466,000 (b)$198,000 (c)$167,050
• C)(a)$378,000 (b)$198,000 (c)$167,050
• D)(a)$439,000 (b)$198,000 (c)$167,050

Recognize and evaluate the legal implications of acting with scienter (knowledge of the falsehood), including in the context of fraudulent misrepresentation.

Understand the ethical and legal considerations in professional conduct, particularly relating to the legal profession.

Assess the role and importance of disclosure in contractual agreements.

Understand the implications of modifying a contract and the concepts of economic duress and undue influence in these modifications.

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Definitions:

Revolving Armature Type

A design in electrical generators where the armature, or the part that generates electricity, rotates within a stationary magnetic field.

Sliprings

Circular bands of metal placed on the rotating part of a machine. Carbon brushes riding in contact with the sliprings provide connection to the external circuit.

Commutators

A mechanical switch used in some electric motors and electrical generators to reverse the direction of current flow in the coils.

Hydrogen Atmosphere

An environment or a setting that predominantly contains hydrogen gas (H2).