Prepare an income statement using the following information:
Gross profit margin 40%
Gross profit $7,500
Tax rate 35%
Operating profit $400
What will be an ideal response?
Net sales $18,750
Cost of goods sold 11,250
Gross profit 7,500
Operating expenses 7,100
Operating profit 400
Income tax expense 140
Net profit $260
Business
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Indicate whether the statement is true or false
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Which of the following types of assumptions is the cause of most problems between business managers and foreigners?
A) geocentric B) ethnocentric C) polycentric D) religious
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