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Unformatted text preview: g. Income before taxes: equals Income from operations plus or minus net of Other income and expenses h. Income taxes: are federal, state, and foreign taxes based on income (current tax level is 35%) i. Net income or Net earnings (or loss): is the so-called bottom-line j. Other special items shown below the line: are discontinued operations, extraordinary items, and accounting changes 3. Profitability Analysis a. Percentage Changes i. Total revenues ii. Operating income b. Ratios i. Gross profit ii. Profit margin Exam #2: Monday, 2/23/2009 1. What to bring a. Blue book b. Calculator c. Writing utensil d. 8.5 x 11 double-sided learning tool 2. Content a. Chapter 4 i. Conceptual framework, especially revenue recognition and matching ii. Cash to and from accrual iii. Adjusting journal entries b. Chapter 5 i. Merchandising transactions perpetual ii. Computation of COGS periodic iii. Income statement analysis 3. Format a. 6 problems 100 points total...
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- Spring '07