**Profit and Loss Statement Analysis**Depreciation Expense: $260,400Utilities Expense: $92,400**Total Operating Expenses**: - Total: -$743,400**Income From Operations**: - Total: $186,480**Other Revenues and Gains**: Interest Revenue: $54,600**Other Expenses and Losses**: Interest Expense: -$59,640Loss on Disposal of Plant Assets: -$54,600**Income Before Income Taxes**: - Total: -$114,240**Income Tax Expense**: - Total: $126,840**Net Income / (Loss)**: - Total: $101,640---(b) Calculate the profit margin and gross profit rate. (Round answers to 0 decimal places, e.g., 15%).Profit margin: _______ %Gross profit rate: _______ % ### Cullumber Company Income Statement For the Year Ended December 31, 2025---#### Sales- **Sales Revenue:** $1,856,400- **Less: Sales Discounts:** $134,400#### Net Sales- **Net Sales:** $1,722,000#### Cost of Goods Sold- **Cost of Goods Sold:** $792,120#### Gross Profit- **Gross Profit:** $929,880#### Operating Expenses 1. **Salaries and Wages Expense:** $390,600 2. **Depreciation Expense:** $260,400 3. **Utilities Expense:** $92,400- **Total Operating Expenses:** $743,400#### Income From Operations- **Income From Operations:** $186,480#### Other Revenues and Gains- **Interest Revenue:** $54,600#### Other Expenses and Losses 1. **Interest Expense:** $59,640 2. **Loss on Disposal of Plant Assets:** $54,600- **Total Other Expenses and Losses:** $114,240#### Income Before Income Taxes- **Income Before Income Taxes:** $126,840#### Income Tax Expense- **Income Tax Expense:** $25,200 #### Net Income / (Loss)- **Net Income / (Loss):** $101,640---The income statement for Cullumber Company for the year ended December 31, 2025, provides a comprehensive summary of the company's financial performance. The report starts with the gross sales revenue of $1,856,400 and discounts of $134,400, leading to net sales of $1,722,000.After subtracting the cost of goods sold, amounting to $792,120, the company's gross profit stands at $929,880. Deducting operating expenses, which include salaries and wages ($390,600), depreciation ($260,400), and utilities ($92,400), totaling $743,400, results in an income from operations of $186,480.Other revenues and gains include an interest revenue of $54,600. After accounting for other expenses and losses, such as interest expense ($59,640) and loss on disposal of plant assets ($54,600), which total $114,240, the income before taxes is $126,840.Finally, after a tax

Profit MarginProfit margin is a metric used to assess a company's profitability; it shows the…

Answered: Calculate the profit margin and gross…

Calculate the profit margin and gross profit rate. (Round answers to 0 decimal places, e.g. 15%) Profit margin Gross profit rate % %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Vishal
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It is due today. Please help! Can you help me find/solve the following? 1. PRIME COST (F+B+LABOR) 2. TOTAL COSTS OF SALES 3. TOTAL GROSS PROFIT 4. TOTAL INCOME 5. TOTAL INCOME LESS CONTROLLABLE 6. TOTAL OCCUPANCY COSTS 7. INCOME BEFORE INT, DEPR & TAX 8. TOTAL INTEREST EXPENSES 9. TOTAL DEPRECIATION EXPENSES 10. NET PROFIT or (LOSS)