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The Alpha Company gathered the following condensed data for the year ended December 31, 2014:
Preferred stock dividends paid
$50,000
Net Sales
825,000
Interest revenue
10,000
Selling expenses
225,000
Administrative expenses
125,000
Cost of Goods Sold
400,000
Income tax percentage
30%
Instructions:
(1) Prepare a multiple-step income statement for the year ended December 31, 2014.
(2) Compute the gross margin percentage and net profit margin ratio. Alpha Company's assets at the beginning of the year were $1,500,000, and the assets were $1,400,000 at the end of the year. To qualify for full credit, you must state the formula you are using, show your computations, and explain your findings.
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