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In its income statement for the year ended December 31, 2022, Metlock, Inc. reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $455,700 947.520 68,160 62.400 297.600 Loss on disposal of plant assets Sales revenue Income tax expense Sales discounts Utilities expense $80,160 2,121,600 24,000 153,600 105,600

In its income statement for the year ended December 31, 2022, Metlock, Inc. reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $455,700 947.520 68,160 62.400 297.600 Loss on disposal of plant assets Sales revenue Income tax expense Sales discounts Utilities expense $80,160 2,121,600 24,000 153,600 105,600

FINANCIAL ACCOUNTING
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, 2022, Metlock, Inc. reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $455,700 947.520 68,160 62.400 297.600 Loss on disposal of plant assets Sales revenue Income tax expense Sales discounts Utilities expense $80,160 2,121,600 24,000 153,600 105,600
Transcribed Image Text:In its income statement for the year ended December 31, 2022, Metlock, Inc. reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $455,700 947.520 68,160 62.400 297.600 Loss on disposal of plant assets Sales revenue Income tax expense Sales discounts Utilities expense $80,160 2,121,600 24,000 153,600 105,600
(b) Your answer is incorrect. Calculate the profit margin and gross profit rate. (Round answers to 0 decimal places, e.g. 15%) Profit margin Gross profit rate %
Transcribed Image Text:(b) Your answer is incorrect. Calculate the profit margin and gross profit rate. (Round answers to 0 decimal places, e.g. 15%) Profit margin Gross profit rate %
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