In its income statement for the year ended December 31, 2022, Larkspur, Inc. reported the following...
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In its income statement for the year ended December 31, 2022, Larkspur, Inc. reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $437,100 927,780 66,740 61,100 291,400 Loss on disposal of plant assets Sales revenue Income tax expense Sales discounts Utilities expense $78,490 2,077,400 23,500 150,400 103,400 Calculate the profit margin and gross profit rate. (Round answers to 0 decimal places, e.g. 15%.) Profit margin Gross profit rate % % In its income statement for the year ended December 31, 2022, Larkspur, Inc. reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $437,100 927,780 66,740 61,100 291,400 Loss on disposal of plant assets Sales revenue Income tax expense Sales discounts Utilities expense $78,490 2,077,400 23,500 150,400 103,400 Calculate the profit margin and gross profit rate. (Round answers to 0 decimal places, e.g. 15%.) Profit margin Gross profit rate % %
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Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
Posted Date:
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