Use the following to answer questions 27 – 34Miracle Corporation reports the following amounts in itsDecember 31, 20XF income statement:Sales$910.000 Advertising expense$75.800Net sales885,000 Salaries expense137,700income tax expense48,500 Cost of goods sold455,600Sales returns25.000 Utilities expense6,200Gain on sale of equipment11,000 Average shares outstanding 25,00027.$Determinegrossprofit:28.$Determineoperatingexpenses:29. $Determine Income before income taxes(IBT):30.$Determinenetincome:31.%.Calculate gross profit ratio(one decimal place)Calculate the profit margin (two%.decimal places)32.33.$Calculate Earnings per Share (rounded totwo decimal places)34.$If ending inventory consisted of$45,000 and beginning inventory was $36,000 how muchinventory was purchased during the year?

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Use the following to answer questions 27 34 Miracle Corporation reports the following amounts in its December 31, 20XF income statement: Sales $910,000 Advertising expense 885,000 Salaries expense $75,800 Net sales 137,700 income tax expense 48,500 Cost of goods sold 455,600 Sales returns 25,000 Utilities expense 6,200 Gain on sale of equipment 11,000 Average shares outstanding 25,000

Use the following to answer questions 27 34 Miracle Corporation reports the following amounts in its December 31, 20XF income statement: Sales $910,000 Advertising expense 885,000 Salaries expense $75,800 Net sales 137,700 income tax expense 48,500 Cost of goods sold 455,600 Sales returns 25,000 Utilities expense 6,200 Gain on sale of equipment 11,000 Average shares outstanding 25,000

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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