Use the following information taken from the multi-step income statement of On That Note Music Shop to answer the questions below
 

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Account Name or Subtotal Cost of Good Sold General and Administrative Expenses Net Sales Sales Revenue Selling Expenses Amount $22,737 3,750 41,340 47,520 7,890 What was the value of On That Note's Operating Income? What was the value of On That Note's Sales Returns and Allowances plus Sales Discounts? What was On That Note's gross profit margin? Account Name or Subtotal Cost of Good Sold General and Administrative Expenses Net Sales Sales Revenue Selling Expenses Amount $22,737 3,750 41,340 47,520 7,890 What was the value of On That Note's Operating Income? What was the value of On That Note's Sales Returns and Allowances plus Sales Discounts? What was On That Note's gross profit margin?

Answer rating: 100% (QA)

1To calculate On That Notes operating income we need to subtract the cost of goods sold selling expe... View the full answer