Blooming Plants, Incorporated sold 3,200 plants to Freda's Florist Shop for $10 per plant in2013. These plants cost Blooming Plants $6 to produce. In addition, Blooming spent $4,000 on general selling expenses and administration in 2013. Blooming Plants, Inc. borrowed $20,000 on January 1, 2013 on which it paid 14% interest. Both interest and principal were paid on December 31, 2013. Blooming's tax rate is 30%. Depreciation for the year was $3,000. Compute Blooming's gross profit, operating profit, Earnings before taxes (EBT) and net income for 2013.

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19-06-2024
Business

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Blooming Plants, Incorporated sold 3,200 plants to Freda's Florist Shop for $10 per plant in2013. These plants cost Blooming Plants $6 to produce. In addition, Blooming spent $4,000 on general selling expenses and administration in 2013. Blooming Plants, Inc. borrowed $20,000 on January 1, 2013 on which it paid 14% interest. Both interest and principal were paid on December 31, 2013. Blooming's tax rate is 30%. Depreciation for the year was $3,000. Compute Blooming's gross profit, operating profit, Earnings before taxes (EBT) and net income for 2013.

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