SC reports the following income statement results: Sales $907,000 Operating expense 288,400 Net income 94,500 Sales...
SC reports the following income statement results:
|
Sales |
$907,000 |
|
Operating expense |
288,400 |
|
Net income |
94,500 |
|
Sales returns & allowances |
7,000 |
|
Gross profit |
401,400 |
|
Interest revenue |
4,000 |
- $____________Calculate Net sales:
- $____________Calculate Cost of Goods Sold
- $____________Calculate operating income
- $_____________Calculate Income before Income tax (IBT)
- ___ ___.___%. Calculate the gross profit margin(one decimal place)
__ ___.___%. Calculate the net profit margin (one decimal place
Homework Answers
Answer:
| Net sales | $ 900,000.00 |
| Less: Cost of Goods Sold | $ 498,600.00 |
| Operating Income | $ 113,000.00 |
| Income before taxes IBT | $ 109,000.00 |
Gross Margin = $ 401,400 / 900,000
= 44.60%
Net Profit Margin Ratio = $ 94,500 / 900,000
= 10.50%
Working Note:
| Gross sales (A) | $ 907,000.00 |
| Less: Sales returns (B) | $ 7,000.00 |
| Net sales (A)-(B)=C | $ 900,000.00 |
| Less: Cost of Goods Sold (D-C) | $ 498,600.00 |
| Gross Profit (D) | $ 401,400.00 |
| Less: Operating expenses (E | $ 288,400.00 |
| EBIT (D-E)=(F) | $ 113,000.00 |
| Less: Interest (G) | $ 4,000.00 |
| Income before taxes IBT (F-G)=(H) | $ 109,000.00 |
| Less: taxes (H-I)=(J) | $ 14,500.00 |
| Net Income (I) | $ 94,500.00 |
In case of any doubt, please comment.
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