Use the following to answer questions 34 – 39ST reports the following income statement results:$700,000221,575SalesOperating expenseNet income48,800Sales returns & allowances25,000Gross profit282,825Interest expense25034. $Calculate Net sales:35.CalculateCostofGoodsSoldCalculateoperating36.income37. $Calculate Income before Income tax(IBT)%.Calculate the gross profit38.margin(one decimal place)%.Calculate the net profit margin (one39.decimal place)

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Description: Use the following to answer questions 34 – 39ST reports the following income statement results:$700,000221,575SalesOperating expenseNet income48,800Sales returns & allowances25,000Gross profit282,825Interest expense25034. $Calculate Net sales:35.Cal

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Use the following to answer questions 34 – 39 ST reports the following income statement results: $700,000| 221,575 48,800 Sales Operating expense Net income Sales returns & allowances Gross profit 25,000 282,825 Interest expense 250 34. $ Calculate Net sales: $4 Calculate Cost of Goods 35. Sold $ Calculate operating 36. income 37. $ Calculate Income before Income tax (IBT) %. Calculate the gross profit 38. margin (one decimal place) Calculate the net profit margin (one %. decimal place) 39.

Use the following to answer questions 34 – 39 ST reports the following income statement results: $700,000| 221,575 48,800 Sales Operating expense Net income Sales returns & allowances Gross profit 25,000 282,825 Interest expense 250 34. $ Calculate Net sales: $4 Calculate Cost of Goods 35. Sold $ Calculate operating 36. income 37. $ Calculate Income before Income tax (IBT) %. Calculate the gross profit 38. margin (one decimal place) Calculate the net profit margin (one %. decimal place) 39.

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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