Which of the following is one of the four elements of Deming's system of profound knowledge?

Quip Corporation wants to purchase a new machine for $300,000. Management predicts that the machine will produce sales of $200,000 each year for the next 5 years. Expenses are expected to include direct materials, direct labor, and factory overhead (excluding depreciation) totaling $80,000 per year. The firm uses straight-line depreciation with an assumed residual (salvage) value of $50,000. Quip's combined income tax rate, t, is 40%.What is the expected net income (after tax) in Year 3 if the proposed investment is undertaken? Round answer to nearest whole dollar.

What will be an ideal response?

Which of the following is typically used as the base in a vertical analysis of an income statement?

A) gross profit B) operating income C) net income D) net sales