[The following information applies to the questions displayed below.] Emily’s Greenhouse Corporation is a local greenhouse organized 10 years ago as a corporation. The bookkeeper prepared the following statement at year-end (assume that all amounts are correct, but note the incorrect format): EMILY’S GREENHOUSE CORPORATION Profit and Loss December 31 Debit Credit Net Sales $ 522,200 Cost of Goods Sold $ 323,000 Salaries and Wages Expense 69,000 Office Expenses 16,000 Travel Expenses 4,000 Income Tax Expense 33,060 Net Profit 77,140 Totals $ 522,200 $ 522,200 PB6-5 Part 2 Compute the gross profit percentage. (Round your answer to 1 decimal place.)
[The following information applies to the questions displayed below.] Emily’s Greenhouse Corporation is a local greenhouse organized 10 years ago as a corporation. The bookkeeper prepared the following statement at year-end (assume that all amounts are correct, but note the incorrect format): EMILY’S GREENHOUSE CORPORATION Profit and Loss December 31 Debit Credit Net Sales $ 522,200 Cost of Goods Sold $ 323,000 Salaries and Wages Expense 69,000 Office Expenses 16,000 Travel Expenses 4,000 Income Tax Expense 33,060 Net Profit 77,140 Totals $ 522,200 $ 522,200 PB6-5 Part 2 Compute the gross profit percentage. (Round your answer to 1 decimal place.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PB6-5 Preparing a Multistep Income Statement and Computing the Gross Profit Percentage [LO 6-6]
[The following information applies to the questions displayed below.]
Emily’s Greenhouse Corporation is a local greenhouse organized 10 years ago as a corporation. The bookkeeper prepared the following statement at year-end (assume that all amounts are correct, but note the incorrect format):
| EMILY’S GREENHOUSE CORPORATION | |||||||
| December 31 | |||||||
| Debit | Credit | ||||||
| Net Sales | $ | 522,200 | |||||
| Cost of Goods Sold | $ | 323,000 | |||||
| Salaries and Wages Expense | 69,000 | ||||||
| Office Expenses | 16,000 | ||||||
| Travel Expenses | 4,000 | ||||||
| Income Tax Expense | 33,060 | ||||||
| Net Profit | 77,140 | ||||||
| Totals | $ | 522,200 | $ | 522,200 | |||
PB6-5 Part 2
- Compute the gross profit percentage. (Round your answer to 1 decimal place.)
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