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Consider the following information of Jones Corporation over four years: 2014 2013 2012 2011 $10,000 $9,000 $ 6,160 6,840 1,840 Sales ? $7,000 Cost of Goods Sold ? ? Gross Profit 2,500 ? Gross Profit Percentage ? ? ? 22% Required: a. Calculate the missing amounts for each year. b. What does this information indicate about the company?

Consider the following information of Jones Corporation over four years: 2014 2013 2012 2011 $10,000 $9,000 $ 6,160 6,840 1,840 Sales ? $7,000 Cost of Goods Sold ? ? Gross Profit 2,500 ? Gross Profit Percentage ? ? ? 22% Required: a. Calculate the missing amounts for each year. b. What does this information indicate about the company?

Survey of Accounting (Accounting I)
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 9.4.7P
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Consider the following information of Jones Corporation over four years: 2014 2013 2012 2011 $10,000 $9,000 $ 6,160 6,840 1,840 Sales ? $7,000 Cost of Goods Sold ? ? Gross Profit 2,500 ? ? Gross Profit Percentage ? ? ? 22% Required: a. Calculate the missing amounts for each year. b. What does this information indicate about the company?
Transcribed Image Text:Consider the following information of Jones Corporation over four years: 2014 2013 2012 2011 $10,000 $9,000 $ 6,160 6,840 1,840 Sales ? $7,000 Cost of Goods Sold ? ? Gross Profit 2,500 ? ? Gross Profit Percentage ? ? ? 22% Required: a. Calculate the missing amounts for each year. b. What does this information indicate about the company?
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