Prepare the balance sheet and the income statement Calculate net profit marginTotal sales revenue=500,000= 1% of sales= 2% of salesSales returnTrade discountLabor cost=75,000Cost of raw materialInventory consumedFactory overhead charges=25,000= 28,000= 28,000Selling costAdmn. Expenses=80,000=74,000Interest earned=10,000Royalties earnedGain from old capital stockLoss estimated due to fire=9,000=9,000=72,000Income tax=20%

The Income Statement is among a company's primary financial statements that illustrate its income…

Answered: Prepare the balance sheet and the…

Business

Accounting

Prepare the balance sheet and the income statement

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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Supply the missing data for three service companies shown in the table below: Note: Loss amounts should be indicated by a minus sign. Round your percentage answers to nearest whole percent. Sales Net operating income Average operating assets Return on investment (ROI) Minimum required rate of return: Percentage Dollar amount Residual income A Company B C $ 9,450,000 $ $ 7,750,000 329,000 $ 5,175,000 $ 3,150,000 $ 2,070,000 11 % 14 % % 9% $ 376,000 % 14 % $ 103,500
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