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The following data were taken from the records of Township Corporation at December 31 of the current year: Sales revenue Gross profit Selling (distribution) expense Administrative expense Pretax income Income tax rate Shares of stock outstanding Required: $ 91,000 33,000 5,600 ? 12,800 30% 4,000 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? Answer is not complete. 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. TOWNSHIP CORPORATION Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses: Selling expense Administrative expense Total operating expenses Pretax income Income tax expense 91,000 58,000 33,000 0 Earnings per share < Required 1 Required 2 >

The following data were taken from the records of Township Corporation at December 31 of the current year: Sales revenue Gross profit Selling (distribution) expense Administrative expense Pretax income Income tax rate Shares of stock outstanding Required: $ 91,000 33,000 5,600 ? 12,800 30% 4,000 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? Answer is not complete. 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. TOWNSHIP CORPORATION Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses: Selling expense Administrative expense Total operating expenses Pretax income Income tax expense 91,000 58,000 33,000 0 Earnings per share < Required 1 Required 2 >

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 18BEA
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complete the table and solve the gross profit percentage

The following data were taken from the records of Township Corporation at December 31 of the current year: Sales revenue Gross profit Selling (distribution) expense Administrative expense Pretax income Income tax rate Shares of stock outstanding Required: $ 91,000 33,000 5,600 ? 12,800 30% 4,000 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? Answer is not complete. 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. TOWNSHIP CORPORATION Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses: Selling expense Administrative expense Total operating expenses Pretax income Income tax expense 91,000 58,000 33,000 0 Earnings per share < Required 1 Required 2 >
Transcribed Image Text:The following data were taken from the records of Township Corporation at December 31 of the current year: Sales revenue Gross profit Selling (distribution) expense Administrative expense Pretax income Income tax rate Shares of stock outstanding Required: $ 91,000 33,000 5,600 ? 12,800 30% 4,000 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? Answer is not complete. 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. TOWNSHIP CORPORATION Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses: Selling expense Administrative expense Total operating expenses Pretax income Income tax expense 91,000 58,000 33,000 0 Earnings per share < Required 1 Required 2 >
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