Lakeside Corporation reports the following information on its year-end income statement: Net Sales: $250,000, Operating Expenses: $65,000, Cost of Goods Sold: $155,000, and Other Income: $18,000. Calculate Lakeside's gross profit percentage and return on sales ratio. (Round answer to one decimal place.)

Lakeside Corporation reports the following information on its year-end income statement: Net Sales: $250,000, Operating Expenses: $65,000, Cost of Goods Sold: $155,000, and Other Income: $18,000. Calculate Lakeside's gross profit percentage and return on sales ratio. (Round answer to one decimal place.)

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 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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