Presented below is information for Yates Co. for the month of January 2010. Cost of goods sold
Question:
Presented below is information for Yates Co. for the month of January 2010.
Cost of goods sold ........$212,000
Freight-out ............ 7,000
Insurance expense ......... 12,000
Salary expense ........... 62,000
Rent expense ........... $32,000
Sales discounts ........... 8,000
Sales returns and allowances ..... 17,000
Sales ............... 370,000
Instructions
(a) Prepare an income statement using the format presented on page 239. Assume a 25% tax rate.
(b) Calculate the profit margin ratio and the gross profit rate.
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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