Introduction to Business Today’s QOD and Objectives for Tuesday, February 13, 2018

Introduction to Business Today’s QOD and Objectives for Tuesday, February 13, 2018
Quote for the week!
“Anyone who has ever struggled with poverty knows how extremely expensive it is to be poor.” -James Baldwin (Fifth Avenue, Uptown. Esquire)

Question of the day! Who is Ursula Burns?
1. Students are to complete the QOD
2. Given the information provided create an income statement for ABC Company.
Net sales = Gross sales – Returns and Allowances = (10,000) ($400) – 200,000. Cost of goods sold = # units sold x Cost per unit = (10,000) ($300). Interest expense = (Debt outstanding) (Average interest rate) = ($2,000,000) (.10). Taxes = (EBT) (Tax rate) = ($100,000) (.40).
Use the income statement format from Microsoft Excel.
3. Continue working on unfinished assignments – send to accthar1@gmail.com.