Presented below is information for Yu Co. for the month of January 2012. Cost of goods sold

Question:

Presented below is information for Yu Co. for the month of January 2012.

Cost of goods sold ...... $212,000

Rent expense ........ $32,000

Freight-out .......... 7,000

Sales discounts ......... 8,000

Insurance expense ........ 12,000

Sales returns and allowances .... 20,000

Salaries and wages expense ... 60,000

Sales revenue ........ 370,000

Instructions

(a) Prepare an income statement using the format presented on page 243. Assume a 25% tax rate.

(b) Calculate the profit margin ratio and the gross profit rate.

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Financial Accounting Tools for business decision making

ISBN: 978-0470534779

6th Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Question Posted: Sep 22, 2011 11:12 AM

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Presented below is information for Yu Co. for the month of January 2012. Cost of goods sold

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