Question

Consider the following alphabetical list of income statement accounts for Sussex Ltd. (Sussex) for the year ended September 30, 2018:
Cost of sales............... $ 375,000
Depreciation expense........... 174,000
Income tax expense............ 39,000
Interest expense ............ 72,000
Other expenses .............. 75,000
Rent expense .............. 110,000
Salaries, wages, and benefits expense..... 280,000
Sales .................. 1,525,000
Selling, general, and administrative expenses.. 201,000

Required:
a. Prepare an income statement for Sussex for the year ended September 30, 2018.
b. What is net income for the year?
c. What is Sussex’ gross margin for 2018?
d. What is Sussex’ gross margin percentage for 2018?



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  • CreatedFebruary 26, 2015
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