McCoy Company's adjusted trial balance included the following selected accounts: Debit Credit sales revenue $645,000 Sales returns
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Question:
McCoy Company's adjusted trial balance included the following selected accounts:
Debit | Credit | ||||
---|---|---|---|---|---|
sales revenue | $645,000 | ||||
Sales returns and benefits | $50,000 | ||||
sales discounts | 9,500 | ||||
cost of goods sold | 396,000 | ||||
Freight rate | 2,000 | ||||
advertising expenses | 15,000 | ||||
Interest expenses | 19,000 | ||||
Wages and salaries expense | 84,000 | ||||
Public service spending | 23,000 | ||||
depreciation expense | 3500 | ||||
The return on an investment | 25,000 |
Use the above information to prepare a multi-step income statement for the year ended December 31, 2017. (Indicate other income before other expenses.)
Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, for example, 15.2%).
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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