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Question - The following information is available for Quayle Company:
Sales $600,000
Sales Returns and Allowances 20,000
Cost of Goods Sold 398,000
Selling Expense 69,000
Administrative Expense 25,000
Interest Expense 19,000
Interest Revenue 20,000
Instructions -
1. Use the above information multiple-step income statement for the year ended December 31, 2016.
2. Compute the profit margin ratio. Quayle Company's assets at the beginning of the year were $770,000 and were $830,000 at the end of the year.
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