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Determine the ab merchandising gross margin for the year

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Reference no: EM133102421

Question - AB Ltd. Has collected the following data and asks you to prepare the Income statement:

Cost of Merchandise Sold $231,950.00

Depreciation Expense $4,000

Income Tax Expense $10,000

Rent Expense $3,000

Interest Expense $1,000

Property Tax Expense $2,000

Rental Revenue $30,000

Salary Expense $85,000

Sales Revenue $322,152.00

Required -

1. Determine the AB net income for the year?

2. Determine the AB merchandising gross margin for the year?

Reference no: EM133102421

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