Reference no: EM132917687
Office supplies expense $4,260
Travel and entertainment expense 2,745
Dividends, paid in cash 11,000
Payments to suppliers on account 33,825
Sales revenue 233,500
Sales returns and allowances 11,250
Contributions by owners 15,000
Advertising expense 6,965
Cost of goods sold 145,180
Insurance expense 1,500
Collections from customers on account 37,655
Income tax expense 8,540
Cash received from debt 10,000
Deferred revenue 9,500
Sales discounts 8,750
Freight expense 6,850
Prepaid expenses 9,875
Repairs and maintenance expenses 4,745
Rent expense 13,500
Problem 1: What is the company's gross profit ratio, also called gross profit margin ratio?
Problem 2: If the company uses the multiple step income statement what is total gross profit for this company?
Problem 3: What is total net sales for this company?
Problem 4: If the company uses the multiple step income statement what is total operating expenses for this company?
Problem 5: If the company uses the multiple step income statement what is net income?
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