Please do not give solution in image format thanku Below are amounts found in the income statements of three companies.NonoperatingExpensesCompanyHenryGraceJamesNet Sales$20,00023,00028,000Req 1Cost of Goods OperatingSoldExpenses$4,4007,4002,400$6,00017,25018,760Req 2aRequired:1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income.2-a. For each company, calculate the gross profit ratio.2-b. Which company has the most favorable ratio?Complete this question by entering your answers in the tabs below.$1,4003,400Req 2bIncome TaxExpense$1,40002,400For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income.(Negative amounts should be indicated by a minus sign.) Complete this question by entering your answers in the tabs below.Req 1HenryGraceJamesFor each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income.(Negative amounts should be indicated by a minus sign.)Gross ProfitReq 1Reg 2aHenryGraceComplete this question by entering your answers in the tabs below.Req 2bJamesReq 1OperatingIncomeFor each company, calculate the gross profit ratio.Req 2aIncome Before Net Income /Income Taxes LossReq 2bReq 2aGross Profit RatioAccounts in RatioReq 2bComplete this question by entering your answers in the tabs below.Req 2a >< Req 1Which company has the most favorable ratio?Which company has the most favorable ratio?AmountsReq 2b >

INCOME STATEMENT Income Statement is one of the Important Financial Statement of the Company.…

Below are amounts found in the income statements of three companies. Cost of Goods Operating Sold Expenses $4,400 7,400 2,400 Company Henry Grace James Net Sales $20,000 23,000 28,000 $6,000 17,250 18,760 Nonoperating Expenses $1,400 3,400 0 Income Tax Expense $1,400 0 2,400 Required: 4 1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income. 2-a. For each company, calculate the gross profit ratio. 2-b. Which company has the most favorable ratio?

Below are amounts found in the income statements of three companies. Cost of Goods Operating Sold Expenses $4,400 7,400 2,400 Company Henry Grace James Net Sales $20,000 23,000 28,000 $6,000 17,250 18,760 Nonoperating Expenses $1,400 3,400 0 Income Tax Expense $1,400 0 2,400 Required: 4 1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income. 2-a. For each company, calculate the gross profit ratio. 2-b. Which company has the most favorable ratio?

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.1E

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