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Midterm Exam – BUS 331 – Government and Non-Profit Accounting –Fall Semester 2012 1. Each of the following would be defined as a governmental entity based on the definition of a government that was jointly developed by the GASB and FASB…

[removed]E. e. $800,000   Ryngaert & Sons, Inc. has operating income (EBIT) of $2,500,000. The company’s depreciation expense is $450,000, its interest expense is $120,000, and it faces a 40 percent tax rate. What is the company’s net income?  …