In its income statement for the year ended December 31, 2017, Sandhill Co. reported the following condensed data. Salaries and wages expenses   $953,250   Loss on disposal of plant assets   $ 171,175 Cost of goods sold   2,023,350   Sales revenue   4,530,500 Interest expense   145,550   Income tax expense   51,250 Interest revenue   133,250   Sales discounts   328,000 Depreciation expense   635,500   Utilities expense   225,500           Prepare a multiple-step income statement. (List other revenues before other expenses.) SANDHILL CO.Income Statementchoose the accounting period  For the Year Ended December 31, 2017December 31, 2017For the Month Ended December 31, 2017 Select an opening section name  DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales       Enter an income statement item     $Enter a dollar amount     Select between addition and deduction     Add    Less     : Select an income statement item     Enter a dollar amount     Select a closing section name  DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales     $Enter a subtotal amount for this section   Enter an account title       Enter a dollar amount   Select an account subtotal title  DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales     Enter a subtotal amount for this section   Select an opening section name  DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter an account title     $Enter a dollar amount     Enter an account title     Enter a dollar amount     Enter an account title     Enter a dollar amount     Select a closing section name  DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales     Enter a total amount for this section   Select an account subtotal title  DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales     Enter a subtotal of the two previous sections   Select an opening section name  DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter an account title       Enter a dollar amount   Select an opening section name  DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter an account title     $Enter a dollar amount     Enter an account title     Enter a dollar amount           Enter a total amount for this section   Select an account title  DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales     Enter a dollar amount   Enter an account title       Enter a dollar amount   Select a closing section name  DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales     $Enter a total net income or loss amount             Calculate the profit margin and gross profit rate. (Round answer to 1 decimal place, e.g. 15.2%.) Profit margin   Enter profit margin in percentages rounded to one decimal place   % Gross profit rate   Enter gross profit rate in percentages rounded to one decimal place   %

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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In its income statement for the year ended December 31, 2017, Sandhill Co. reported the following condensed data.

Salaries and wages expenses   $953,250   Loss on disposal of plant assets   $ 171,175
Cost of goods sold   2,023,350   Sales revenue   4,530,500
Interest expense   145,550   Income tax expense   51,250
Interest revenue   133,250   Sales discounts   328,000
Depreciation expense   635,500   Utilities expense   225,500
 
 
 
 
 
Prepare a multiple-step income statement. (List other revenues before other expenses.)

SANDHILL CO.
Income Statement
choose the accounting period
 For the Year Ended December 31, 2017December 31, 2017For the Month Ended December 31, 2017
Select an opening section name
 DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
     
Enter an income statement item
 
 
$Enter a dollar amount
 
 
Select between addition and deduction
    Add    Less    
: Select an income statement item
 
  Enter a dollar amount
 
 
Select a closing section name
 DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
    $Enter a subtotal amount for this section
 
Enter an account title
 
   
Enter a dollar amount
 
Select an account subtotal title
 DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
   
Enter a subtotal amount for this section
 
Select an opening section name
 DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
Enter an account title
 
 
$Enter a dollar amount
 
 
Enter an account title
 
  Enter a dollar amount
 
 
Enter an account title
 
  Enter a dollar amount
 
 
Select a closing section name
 DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
   
Enter a total amount for this section
 
Select an account subtotal title
 DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
   
Enter a subtotal of the two previous sections
 
Select an opening section name
 DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
Enter an account title
 
   
Enter a dollar amount
 
Select an opening section name
 DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
Enter an account title
 
 
$Enter a dollar amount
 
 
Enter an account title
 
 
Enter a dollar amount
 
 
     
Enter a total amount for this section
 
Select an account title
 DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
   
Enter a dollar amount
 
Enter an account title
 
   
Enter a dollar amount
 
Select a closing section name
 DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
   
$Enter a total net income or loss amount
 
 
 
 
 
 
Calculate the profit margin and gross profit rate. (Round answer to 1 decimal place, e.g. 15.2%.)

Profit margin   Enter profit margin in percentages rounded to one decimal place
 
%
Gross profit rate   Enter gross profit rate in percentages rounded to one decimal place
 
%
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