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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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Presented below is information for Blossom Company for the month of January 2017.
Cost of goods sold
$202,200 Rent expense
6,400 Sales discounts
$33,600
Freight-out
8,100
Insurance expense
12,500 Sales returns and allowances
17,600
Salaries and wages expense
64,000 Sales revenue
395,500
Income tax expense
4,200 Other comprehensive income (net of $400 tax)
2,000

Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%.)
Profit margin
Gross profit rate

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The following information is available for Tamarisk Corp. for the year ended December 31, 2022. Other revenues and gains $23,800 Other expenses and losses 4,000 Cost of goods sold 292,000 Sales discounts 4,600 Sales revenue 760,000 Operating expenses 221,000 Sales returns and allowances 10,800 Prepare a multiple-step income statement for Tamarisk Corp. The company has a tax rate of 25%.
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