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Homework answers / question archive / Carr Auto Wholesalers had sales of $1,550,000 in 20XX, and cost of goods sold represented 78 percent of sales

Carr Auto Wholesalers had sales of $1,550,000 in 20XX, and cost of goods sold represented 78 percent of sales

Accounting

Carr Auto Wholesalers had sales of $1,550,000 in 20XX, and cost of goods sold represented 78 percent of sales. Selling and administrative expenses were 13 percent of sales. Amortization expense was $13,000 and interest expense for the year was $9,000. The firm's tax rate is 30 percent. 
a. Compute earnings after taxes using percentage-of-sales method. (Input all answers as positive values. Round your intermediate calculations to the nearest whole dollars.) 
CARR AUTO WHOLESALERS Income Statement For the Year Ended December 31, 20XX Sales  Cost of goods sold  
Gross profit Selling and administrative expense Amortization expense  
Operating profit Interest expense  
Earnings before taxes 
Taxes 

Earnings after taxes 
1550001 
1209001 
341000 201500 13000 9000 
 

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