Diagnostics Corporation of America income statement for 2015 is presented below: Sales Cost of goods sold Gross profit $2,790,000 1,790,000 1,000,000 Selling and administrative expense 302,000 Operating profit Interest expense Income before taxes Taxes (30%) Income after taxes Compute the profit margin for 2015. 698,000 54,800 643,200 192,960 $ 450,240
Diagnostics Corporation of America income statement for 2015 is presented below: Sales Cost of goods sold Gross profit $2,790,000 1,790,000 1,000,000 Selling and administrative expense 302,000 Operating profit Interest expense Income before taxes Taxes (30%) Income after taxes Compute the profit margin for 2015. 698,000 54,800 643,200 192,960 $ 450,240
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...
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Transcribed Image Text:Diagnostics Corporation of America income statement for 2015 is presented below:
Sales
Cost of goods sold
Gross profit
$2,790,000
1,790,000
1,000,000
Selling and administrative expense 302,000
Operating profit
Interest expense
Income before taxes
Taxes (30%)
Income after taxes
Compute the profit margin for 2015.
698,000
54,800
643,200
192,960
$ 450,240
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