Use the following comparative Income Statements to calculate the Gross Profit Ratio for 2007. 2006 2007 Sales $507,924,000 $392,190,000 Cost of sales 330,466,000 249,667,000 Gross Margin 177,458,000 142,523,000 Operating Expenses 91,444,000 75,646,000 Net Operating income Interesting Expense 3,293,000 86,014,000 66,877,000 3,523,000 Net Income before taxes 82,721,000 63,354,000 Income taxes Net Income 27,530,000 20,900,000 55,191,000 42,454,000

Use the following comparative Income Statements to calculate the Gross Profit Ratio for 2007. 2006 2007 Sales $507,924,000 $392,190,000 Cost of sales 330,466,000 249,667,000 Gross Margin 177,458,000 142,523,000 Operating Expenses 91,444,000 75,646,000 Net Operating income Interesting Expense 3,293,000 86,014,000 66,877,000 3,523,000 Net Income before taxes 82,721,000 63,354,000 Income taxes Net Income 27,530,000 20,900,000 55,191,000 42,454,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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