Question

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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