Use the following to answer questions 22 – 29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold $525,000 Net sales Sales discounts Salaries expense 221,000 Utilities expense $950,000 125,000 20,000 Advertising expense 32,500 Interest revenue 5,000 Effective income tax rate 20% 22. $ Determine Sales 23. $ Determine gross profit 24. $ Determine operating expenses 25. $ Determine Income before income taxes (IBT) 26. $ Determine Income tax expense 27. $ Determine net income 28. Calculate gross profit ratio (round to one decimal place). Interest revenue 5,000 Effective income tax rate 20% 22. $ Determine Sales 23. $ Determine gross profit 24. $ Determine operating expenses 25. $ Determine Income before income taxes (IBT) 26. $ Determine Income tax expense 27. $ Determine net income 28. % Calculate gross profit ratio (round to one decimal place). Comparing GHT's common sized income statement with its competitor. The competitor's gross margin is 43.6%, which company is doing better? 29.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Use the following to answer questions 22 – 29
GHT Corporation reports the following amounts in its
December 31, 20XD income statement:
Cost of goods sold $525,000 Net sales
Sales discounts
Salaries expense 221,000 Utilities expense
$950,000
125,000
20,000 Advertising expense
32,500
Interest revenue
5,000 Effective income tax rate
20%
22. $
Determine Sales
23.
$
Determine gross profit
24. $
Determine operating expenses
25. $
Determine Income before income taxes
(IBT)
26. $
Determine Income tax expense
27. $
Determine net income
28.
Calculate gross profit ratio (round to
one decimal place).
Transcribed Image Text:Use the following to answer questions 22 – 29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold $525,000 Net sales Sales discounts Salaries expense 221,000 Utilities expense $950,000 125,000 20,000 Advertising expense 32,500 Interest revenue 5,000 Effective income tax rate 20% 22. $ Determine Sales 23. $ Determine gross profit 24. $ Determine operating expenses 25. $ Determine Income before income taxes (IBT) 26. $ Determine Income tax expense 27. $ Determine net income 28. Calculate gross profit ratio (round to one decimal place).
Interest revenue
5,000 Effective income tax rate
20%
22. $
Determine Sales
23.
$
Determine gross profit
24. $
Determine operating expenses
25. $
Determine Income before income taxes
(IBT)
26. $
Determine Income tax expense
27. $
Determine net income
28.
%
Calculate gross profit ratio (round to
one decimal place).
Comparing GHT's common sized
income statement with its competitor. The competitor's
gross margin is 43.6%, which company is doing better?
29.
Transcribed Image Text:Interest revenue 5,000 Effective income tax rate 20% 22. $ Determine Sales 23. $ Determine gross profit 24. $ Determine operating expenses 25. $ Determine Income before income taxes (IBT) 26. $ Determine Income tax expense 27. $ Determine net income 28. % Calculate gross profit ratio (round to one decimal place). Comparing GHT's common sized income statement with its competitor. The competitor's gross margin is 43.6%, which company is doing better? 29.
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