Question

The following data were taken from the records of Township Corporation at December 31, 2015:

Sales revenue ........ $85,000
Gross profit ......... 30,000
Selling (distribution) expense .. 7,000
Administrative expense ....... ?
Pretax income ........ 13,000
Income tax rate ........ 35%
Shares of stock outstanding ... 2,500

Required: Prepare a complete multiple-step income statement for the company (showing both gross profit and income from operations). Show all computations. What is the gross profit percentage?




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  • CreatedJuly 01, 2014
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