Financial information is presented here for King Company.
Financial information is presented here for King Company.
King Company
Sales revenue $56,000
Sales returns and allowances ?
Net sales 50,000
Cost of goods sold 33,000
Gross profit ?
Operating expenses 12,000
Net income ?
Instructions
(a) Compute the missing amounts. Show calculation below.
(b) Calculate the profit margin and the gross profit rate. Show calculations below.
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