The financial records of Marin Inc. were destroyed by fire at the end of 2017. Fortunately, the controller had kept certain statistical data related to the income statement as follows.
1. The beginning merchandise inventory was $90,900 and decreased 20% during the current year.
2. Sales discounts amount to $25,900.
3. 30,420 shares of common stock were outstanding for the entire year.
4. Interest expense was $25,300.
5. The income tax rate is 30%.
6. Cost of goods sold amounts to $517,400.
7. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales.
8. Four-fifths of the operating expenses relate to sales activities.
Required:
1. From the foregoing information prepare an income statement for the year 2017 in single-step form.

Sam robinson borrowed $21,000 from a friend and promised to pay the loan in 10 equal annual installments beginning one year from the date of the loan. sam’s friend would like to be reimbursed for the time value of money at a 9% annual rate. what is the annual payment sam must make to pay back his friend?

Which of the following is a competitive benefit experienced by the first mover firm in an industry? a. the first mover will be able to achieve a less steep learning curve. b. the first mover will be able to reduce the switching costs. c. the first mover will not have to patent its products or technology. d. the first mover will be able to reduce costs through economies of scale.

Haley photocopying purchases a paper from an out-of-state vendor. average weekly demand for paper is 150 cartons per week for which haley pays $15 per carton. in bound shipments from the vendor average 1000 cartoons with an average lead time of 3 weeks. haley operates 52 weeks per year; it carries a 4-week supply of inventory as safety stock and no anticipation inventory. the vendor has recently announced that they will be building a faculty near haley photocopying that will reduce lead time to one week. further, they will be able to reduce shipments to 200 cartons. haley believes that they will be able to reduce safety stock to a 1-week supply. what impact will these changes make to haley’s average inventory level and its average aggregated inventory value?