Reference no: EM132892566
Question - Bayton Limited had the following account balances at December 31, 2021:
Collections from customers $78,654
Dividends, paid in cash 13,000
Freight expense 12,865
Payments to suppliers on account 77,596
Sales discounts 17,625
Cost of goods sold 111,848
Insurance expense 5,400
Advertising expense 50,341
Deferred revenue 6,540
Travel and entertainment expense 13,540
Cash received from debt 13,400
Sales revenue 302,550
Repairs and maintenance expense 12,855
Rent expense 15,000
Sales returns and allowances 12,125
Prepaid expenses 14,875
Office supplies expense 4,575
Income tax expense 24,552
Contributions by owners 21,500
Required - Create multiple step income statement and answer the following questions.
If the company uses the multiple step income statement what is net income?
What is the company's gross profit ratio, also called gross profit margin ratio?
If the company uses the multiple step income statement what is total operating expenses for this company?
What is total net sales for this company?
If the company uses the multiple step income statement what is total gross profit for this company?