E6-17 Part 2 2-a. What was the amount of gross profit? 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.) 2-a. Gross Profit 2-b. Gross Profit Percentage %
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![E6-17 Analyzing Gross Profit Percentage on the Basis of a Multistep Income Statement [LO 6-6]
[The following information applies to the questions displayed below.]
The following data were provided by Mystery Incorporated for the year ended December 31:
Cost of Goods Sold
Income Tax Expense
Merchandise Sales (gross revenue) for Cash
Merchandise Sales (gross revenue) on Credit
Office Expenses
Sales Returns and Allowances
Salaries and wages Expense
$169,000
18,940
248,000
43,600
19,400
7,290
41,800](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb7a8a487-8e45-47e7-bcd7-73bde83a88f6%2Fe5a457b1-0dbf-4fc3-af0a-b34161b34d0e%2Foq5hgc_processed.jpeg&w=3840&q=75)
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- Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Accounts receivable turnoverTwenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Days’ sale in receivableTwenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Inventory turnover
- Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Return on total assetsTwenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Debt ratioTwenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instuctions Tunes earned
- Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)M6-13 (Algo) Preparing a Multistep Income Statement [LO 6-6] Sellall Department Stores reported the following amounts as of its December 31 year-end: Administrative Expenses, $1,600; Cost of Goods Sold, $18,360; Income Tax Expense, $2,680; Interest Expense, $1,400; Interest Revenue, $160; General Expenses, $1,800; Net Sales, $30,770; and Delivery (freight-out) Expense, $220.Prepare a multistep income statement for distribution to external financial statement users.Required information E6-17 Analyzing Gross Profit Percentage on the Basis of a Multistep Income Statement [LO 6-6] [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 175,000 Income Tax Expense 20,700 Merchandise Sales (gross revenue) for Cash 260,000 Merchandise Sales (gross revenue) on Credit 46,000 Office Expenses 20,000 Sales Returns and Allowances 7,650 Salaries and Wages Expense 44,200 E6-17 Part 1 Required: Prepare a multistep income statement.
- Required information E6-17 Analyzing Gross Profit Percentage on the Basis of a Multistep Income Statement [LO 6-6] [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 175,000 Income Tax Expense 20,700 Merchandise Sales (gross revenue) for Cash 260,000 Merchandise Sales (gross revenue) on Credit 46,000 Office Expenses 20,000 Sales Returns and Allowances 7,650 Salaries and Wages Expense 44,200 E6-17 Part 2 2-a. What was the amount of gross profit? 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.)E6-21 Analyzing Gross Profit Percentage on the Basis of a Multi-step Income Statement [LO6-5] The following summarized data were provided by the records of Mystery Incorporated for the year ended December 31: Administrative Expense $ 19,000 Cost of Goods Sold 165,000 Income Tax Expense 17,600 Sales Returns and Allowances 7,000 Selling Expense 40,200 Sales of merchandise for cash 240,000 Sales of merchandise on credit 42,000 Required:1. Based on these data, prepare a multi-step income statement for internal reporting purposes. 2-a. What was the amount of gross profit? 2-b. What was the gross profit percentage? 2-c. Which of the following(s) is true? (Select all that apply.) E6-21 Analyzing Gross Profit Percentage on the Basis of a Multi-step Income Statement [LO6-5] The following summarized data were provided by the records of Mystery Incorporated for the year ended December 31:…Revenue and expense data for Rogan Technologies Co. are as follows: 20Y8 20Y7 Sales $701,000 $610,000 Cost of goods sold 434,620 347,700 Selling expenses 105,150 103,700 Administrative expenses 119,170 122,000 Income tax expense 21,030 12,200 a. Prepare an income statement in comparative form, stating each item for both 20Y8 and 20Y7 as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as a positive number. Rogan Technologies Co. Comparative Income Statement For the Years Ended December 31, 20Y8 and 20Y7 20Y8 Amount 20Y8 Percent 20Y7 Amount 20Y7 Percent $fill in the blank 6de34503cfdf061_2 fill in the blank 6de34503cfdf061_3% $fill in the blank 6de34503cfdf061_4 fill in the blank 6de34503cfdf061_5% fill in the blank 6de34503cfdf061_7 fill in the blank 6de34503cfdf061_8% fill in the blank 6de34503cfdf061_9 fill in the blank 6de34503cfdf061_10% Gross profit $fill in the blank…