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Shown below is summarized data for a company for the year end December 31.
Sales of merchandise for cash
$58,250
Sales of merchandise on credit
10,000
Cost of goods sold
36,500
Selling expense
11,800
Administrative expenses
5,000
Sales returns and allowances
2,000
Items not included in the above amounts:
Estimated bad debt loss, 2% of credit sales
Average income tax rate, 20%
Number of shares of common stock outstanding, 2,000
Based on the data, prepare an income statement that shows both gross profit and income from operations. Include the earnings per share. Calculate and interpret the meaning of the gross profit percentage ratio.
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