Posted: January 25th, 2016
Compute the following for Palpatine Inc. for the period.
E7-10 – Palpatine Inc. – The following information, presented in alphabetical order, is taken from the financial statements of Palpatine Inc.
| Gross Profit | $938,540 | Net income | $224,383 | |
| Income before income taxes | 303,220 | Net sales | 1,690,500 | |
| Income from operations | 270,630 | Other revenues and gains | 32,590 |
Compute the following for Palpatine Inc. for the period.
(a) Operating expenses $667,910
(b) Income tax expense ,837
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