The following percentages apply to Walton Company for 2007 and 2008. Required Assuming that sales were $480,000
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The following percentages apply to Walton Company for 2007 and 2008.
Required
Assuming that sales were $480,000 in 2007 and $640,000 in 2008, prepare income statements for the twoyears.
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2007 100.0% 64.0 36.0 20.5 2.0 22.5 13.5 7.0 6.5% 2008 Sales Cost of goods sold Gross margin Selling and administrative expenses Interest expense Total expenses Income before taxes Income tax expense Net income 100.0% 61.0 39.0 26.5 2.5 29.0 10.0 5.5 4.5%
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Walton Company Income Statements 2008 2007 Sales 640000 480000 C...View the full answer
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