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Question: In 2017, Matt Cruz Company had net sales of $900,000 and cost of goods sold of $522,000. Operating expenses were $225,000, and expense was $11,000. Cruz prepares a multiple-step income statement.
Instructions: Compute Cruz's gross profit.
Compute the gross profit rate. Why is this rate by financial statement users?
What is Cruz's income from operations and net income?
If Cruz prepared a single-step income statement, what amount would it report for net income?
In what section of its classified balance sheet should Cruz report inventory?
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sales variable expense fixed expense profits 26q 18q 56000 8000. 8q 64000 q 8000 units cm ratio 826.00 0.31
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