Reference no: EM132788306
Selected items in the statement of comprehensive income of The Gifted Trading are as follows:
Sales 3,675,000
Sales Discounts 175,000
Office Supplies 52,500
Advertising Expense 71,000
Utilities Expense 177,500
Interest Expense 35,000
The gross profit of the company is 40% of the net sales. And the applicable tax rate for the period is 30%.
Question 1. In the common size statement of comprehensive income, sales discounts and allowances will have a proportional percentage of?
A. 4.75% C. 4.55% B. 5.00% D. 95.23% Solution:
Question 2. Using the same data above, office supplies will appear in the common size statement of comprehensive income as:
A. 1.43% C. 1.50% B. 1.46% D. 2.5% Solution:
Question 3. Using the same data above, the proportional percentage of interest expense in the statement of comprehensive income would be:
A. 1.00% C. 0.91% B. 0.95% D. 1.15% Solution:
Question 4. Using the same data above, the business expects to allocate 8% proportional components for salaries and wages in the common size statement of comprehensive income, the absolute amount for salaries and wages would be.
A. 280,000 C. 308,000 B. 294,000 D. 176,400 Solution:
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