ABC Corporation financial record shows the following: Sales 600,000 Selling Expenses 120,000 Interest Expense 5,000 Sales...

 

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ABC Corporation financial record shows the following: Sales 600,000 Selling Expenses 120,000 Interest Expense 5,000 Sales allowances 4,000 Owners' Equity 1,160,000 Cost of Goods Sold 200,000 Tax Expense 12,000 Administrative Expenses 80,000 Total assets 2,200,000 Required: 1. Find the Net income (4 marks) 2. Find the following ratios(6 marks) Gross profit Margin Net Profit Margin Return on Assets Return on Equity - - ABC Corporation financial record shows the following: Sales 600,000 Selling Expenses 120,000 Interest Expense 5,000 Sales allowances 4,000 Owners' Equity 1,160,000 Cost of Goods Sold 200,000 Tax Expense 12,000 Administrative Expenses 80,000 Total assets 2,200,000 Required: 1. Find the Net income (4 marks) 2. Find the following ratios(6 marks) Gross profit Margin Net Profit Margin Return on Assets Return on Equity - -

Answer rating: 100% (QA)

Computation of Gross Profit and Net income Particulars Amount ... View the full answer