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he following data were taken from the records of Township Corporation at December 31, 2015:
Sales revenue $ 85,000
Gross profit 30,000
Selling (distribution) expense 7,000
Administrative expense ?
Pretax income 13,000
Income tax rate 35%
Shares of stock outstanding 2,500
Required:
1.Prepare a complete multiple-step income statement for the company. (Hint: Rely on the amounts and percentages given to infer missing values.) (Round "Earnings per share" to 2 decimal places.)
2. What is the gross profit percentage? (Enter your answer as a percentage rounded to 1 decimal place (i.e., 0.123 should be entered as 12.3)
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Consolidated financial statements tend to be most useful for: A) Creditors of a consolidated subsidiary. B) Investors and long-term creditors of the parent company.
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For each of the transactions in M2- 9 (including the sample), post the effects to the appropriate T- accounts and determine ending account balances. Show a beginning balance of zero. a. (Sample) Borrowed $ 3,940 from a local bank on a note due in six..
the boyd school district began a recent fiscal year with 3000 of supplies in stock. during its fiscal year it engaged
Determine the effect on the company's total net operating income of accepting the special order. Show your work.
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