The caltor company gathered the following condensed data

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Reference no: EM13390119

The Caltor Company gathered the following condensed data for the Year Ended December 31, 2010

Cost of goods sold = $ 710,000
Net sales	1,279,000
Administrative expenses	239,000
Interest expense	68,000
Dividends paid	38,000
Selling expenses	45,000

Instructions:

1: Prepare a multiple-step income statement for the year ended December 31, 2010.

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.

Reference no: EM13390119

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