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Author Question: Prepare an income statement using the following information: Gross profit margin 40 Gross ... (Read 190 times)

robinn137

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on: Jul 6, 2018
Prepare an income statement using the following information:
 
   Gross profit margin 40
   Gross profit 7,500
   Tax rate 35
   Operating profit 400
 
  What will be an ideal response?

Question 2

All of the following are items that cause a difference between the bank balance and the book balance except
 a. NSF checks.
   b. deposits in transit.
   c. outstanding checks.
   d. canceled checks.
   e. bank service charges.


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morganmarie791

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Reply #1 on: Jul 6, 2018
Answer to Question 1

Net sales 18,750
Cost of goods sold 11,250
Gross profit 7,500
Operating expenses 7,100
Operating profit 400
Income tax expense 140
Net profit 260

Answer to Question 2

d


robinn137

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Reply 2 on: Jul 6, 2018
Great answer, keep it coming :)

diana chang

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Reply 3 on: Yesterday
Wow, this really help

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