Last Year,a Firm Had Net Income of $62,000 on Sales

question 62

Multiple Choice

Last year,a firm had net income of $62,000 on sales of $595,000.The projected sales for next year are $654,500.Assume the firm uses the percentage of sales method for pro forma statements.What is the projected net income?

• A) $59,500
• B) $65,500
• C) $68,200
• D) $71,500
• E) $71,900

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Definitions:

Level II

This term lacks specific context but could refer to a secondary or intermediate stage or level in various hierarchical or classification systems.

Stage 3

Depending on the context, this refers to the third phase or level in a specific process or development model.

Approval

the act of officially agreeing to something or recognizing it as acceptable, valid, or conforming to a standard.

Socialization

The process by which individuals learn and adopt the norms, values, customs, and behaviors appropriate to their society or social group.