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The following data were taken from the records of Township Corporation at December 31 of the current year. $ 83,000 35,000 6,700 2 12,400 Sales revenue Gross profit Selling (distribution) expense Administrative expense Pretax income Income tax rate Shares of stock outstanding Required: 1. Prepare a complete, classified (multiple-step) income statement for the company (showing both gross profit and income from operations) 2. What is the gross profit percentage? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a complete classified (multiple-step) income statement for the company (showing both gross profit and income from operations). Note: Round "Earnings per share" to 2 decimal places. Sales revenue Cost of goods sold Gross profit Operating expenses: Selling expense Administrative expense 35% 4,100 TOWNSHIP CORPORATION Income Statement Total operating expenses Pretax income income tax expense Earnings per share 6,700 15,900 83,000 48,000 35,000 22,600 12,400 4,340 1.97

The following data were taken from the records of Township Corporation at December 31 of the current year. $ 83,000 35,000 6,700 2 12,400 Sales revenue Gross profit Selling (distribution) expense Administrative expense Pretax income Income tax rate Shares of stock outstanding Required: 1. Prepare a complete, classified (multiple-step) income statement for the company (showing both gross profit and income from operations) 2. What is the gross profit percentage? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a complete classified (multiple-step) income statement for the company (showing both gross profit and income from operations). Note: Round "Earnings per share" to 2 decimal places. Sales revenue Cost of goods sold Gross profit Operating expenses: Selling expense Administrative expense 35% 4,100 TOWNSHIP CORPORATION Income Statement Total operating expenses Pretax income income tax expense Earnings per share 6,700 15,900 83,000 48,000 35,000 22,600 12,400 4,340 1.97

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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The following data were taken from the records of Township Corporation at December 31 of the current year. $ 83,000 35,000 6,700 2 Sales revenue Gross profit Selling (distribution) expense Administrative expense Pretax income Income tax rate Shares of stock outstanding Required: 1. Prepare a complete, classified (multiple-step) income statement for the company (showing both gross profit and income from operations) 2. What is the gross profit percentage? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a complete classified (multiple-step) income statement for the company (showing both gross profit and income from operations). Note: Round "Earnings per share" to 2 decimal places. Sales revenue Cost of goods sold Gross profit Operating expenses: Selling expense Administrative expense TOWNSHIP CORPORATION Income Statement Total operating expenses Pretax income Income tax expense 12,400 35% 4,100 Earnings per share $ 6,700 15,900 Required 1 $ 83,000 48,000 35,000 22.600 12,400 4,340 1.97 Required 2 >
Transcribed Image Text:The following data were taken from the records of Township Corporation at December 31 of the current year. $ 83,000 35,000 6,700 2 Sales revenue Gross profit Selling (distribution) expense Administrative expense Pretax income Income tax rate Shares of stock outstanding Required: 1. Prepare a complete, classified (multiple-step) income statement for the company (showing both gross profit and income from operations) 2. What is the gross profit percentage? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a complete classified (multiple-step) income statement for the company (showing both gross profit and income from operations). Note: Round "Earnings per share" to 2 decimal places. Sales revenue Cost of goods sold Gross profit Operating expenses: Selling expense Administrative expense TOWNSHIP CORPORATION Income Statement Total operating expenses Pretax income Income tax expense 12,400 35% 4,100 Earnings per share $ 6,700 15,900 Required 1 $ 83,000 48,000 35,000 22.600 12,400 4,340 1.97 Required 2 >
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