I need help confirming my answers are correct…I will mark ‘please confirm’ next to the numbers I am hoping you can confirm are correct! Can you please also answer the questions in regards to excel spreadsheets. However, if you can please answer the amount depreciation expense reduces cash I would appreciate that…
The tax rate is 30%
Sales: $65000
Cost of goods sold: $40000
Gross Profit: $25000 (Please confirm)
Selling, General &administration expense: $12500
Depreciation: $1750
Income before tax: $10750
Tax Expense: 3225 (please confirm)
Net Income: 7525 (please confirm)
gross profit margin: 38.5% (please confirm)
Amount depreciation expense reduces cash: PLEASE SOLVE
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