Income statement information is presented here for two companies: Instructions (a) Calculate the missing amounts for items
Question:
Instructions
(a) Calculate the missing amounts for items [1] to [10].
(b) Calculate the gross profit margin and profit margin for each company.
Transcribed Image Text:
Marchant Ltd. Dueck Ltd. $1,460,00o[6] 28,000 48,00o 11 2,130,000 657,000 1,172,0o0 Sales Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses Income from operations Other revenues Other expenses Income before income tax Income tax expense Net income [81 31 310,o00 0 4,100 [91 [10] 5 250,900 580,000 3,600 0 [41 38,600
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a Marchant Ltd Sales 1460000 Less Sales returns and allowances 28000 Net sales1 1432000 Net sales 14...View the full answer
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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