GHT Corporation reports the following amounts in its December 31, 20XD income statement: I5950.000 Cost of goods sold $525,000 Net sales Sales discounts 20,000 Advertising expense Salaries expense 221,000 Utilities expense 125,000 32,500 Interest revenue 5,000 Effective income tax rate 20% 22. $ Determine Sales 23. $ Determine gross profit 24. $ Determine operating expenses 25. $ (IBT) Determine Income before income taxes 26. $ Determine Income tax expense 27. $ Determine net income 28. % Calculate gross profit ratio (round to one decimal place)
GHT Corporation reports the following amounts in its December 31, 20XD income statement: I5950.000 Cost of goods sold $525,000 Net sales Sales discounts 20,000 Advertising expense Salaries expense 221,000 Utilities expense 125,000 32,500 Interest revenue 5,000 Effective income tax rate 20% 22. $ Determine Sales 23. $ Determine gross profit 24. $ Determine operating expenses 25. $ (IBT) Determine Income before income taxes 26. $ Determine Income tax expense 27. $ Determine net income 28. % Calculate gross profit ratio (round to one decimal place)
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter14: Financial Statement Analysis
Section: Chapter Questions
Problem 14.26EX: Comprehensive Income Anson Industries, Inc. reported the following information on its 20Y1 income...
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