Solution-The following percentages apply to walton company

The following percentages apply to walton company for 2007

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Reference no: EM13574756

The following percentages apply to Walton Company for 2007 and 2008.

	2008	2007
Sales	100.0%	100.0%
Cost of goods sold	61.0	64.0
Gross margin	39.0	36.0
Selling and administrative expenses	26.5	20.5
Interest expense	2.5	2.0
Total expenses	29.0	22.5
Income before taxes	10.0	13.5
Income tax expense	5.5	7.0
Net income	4.5%	6.5%

Required

Assuming that sales were $480,000 in 2007 and $640,000 in 2008, prepare income statements for the two years.

Reference no: EM13574756

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The following percentages apply to walton company for 2007

Reference no: EM13574756

Reference no: EM13574756

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