Bill Porter has a small business to distribute nails screws and other fasteners to the construction Show more Bill Porter has a small business to distribute nails screws and other fasteners to the construction industry in Las Vegas NV. It is July 2013 and Bill wants to know if he made a profit in the second quarter. He asks his accountant Elaine to prepare the financial statements for the quarter. Elaine collects the financial data in the table below. (a) Calculate the net margin (net profit) after taxes for the second quarter. (b) Did Bill make a profit in the second quarter? Sales in the quarter $1297000 Annual salary and expenses for the two sales people $263000 Cost of goods for the quarter $901000 Long term assets at quarter end $3452000 Long term debt at quarter end $1551000 Corporate tax rate 35% Fixed expenses for the quarter $238000 Accounts receivable for the quarter $592000 Please show work for points. Thank you! Show less
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