Use the following to answer questions 22 – 29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold $525,000 Net sales Sales discounts Salaries expense 20.000 Advertising expense 221,000 Utilities expense $950,000 125.000 32,500 Interest revenue 5,000 Effective income tax rate 20% 22. $ Determine Sales 23. 2$ Determine gross profit 24. $ Determine operating expenses 25. $ Determine Income before income taxes (IBT) 26. $ Determine Income tax expense 27. $ Determine net income 28. % Calculate gross profit ratio (round to one decimal place).

Use the following to answer questions 22 – 29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold $525,000 Net sales Sales discounts Salaries expense 20.000 Advertising expense 221,000 Utilities expense $950,000 125.000 32,500 Interest revenue 5,000 Effective income tax rate 20% 22. $ Determine Sales 23. 2$ Determine gross profit 24. $ Determine operating expenses 25. $ Determine Income before income taxes (IBT) 26. $ Determine Income tax expense 27. $ Determine net income 28. % Calculate gross profit ratio (round to one decimal place).

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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