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The Caltor Company gathered the following condensed data for the year ended December 31, 2007:
Cost of goods sold $ 710,000Net sales 1,279,000Administrative expenses 239,000Interest expense 68,000Dividends paid 38,000Selling expenses 45,000
Instructions:
(1). Prepare an income statement for the year ended December 31, 2007.
(2). Compute the profit margin ratio and gross profit rate. Caltor Company's assets at the beginning of the year were $770,000 ,and were $830,000 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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