Compute the component percentages for Trixy Magic's income statement below. (Enter your answers as a percentage rounded to 2decimal place (l.e. 0.1234 should be entered as 12.34). Enter all answers as positive values.)TRIXY MAGIC, INC.Consolidated Statements of Earnings(In millions)Fiscal Years Ended onFiscal 2018% SalesFiscal 2017% SalesFiscal 2016% SalesNet sales48,232100.00 %$.48,290100.00 %46,938100.00 %Cost of sales31,74834.1731,56734.6330,74134.51Gross margin16,48465.8316,72365.3716,19765.49Expenses:Selling, general, and administrative11,08710,5259,750Depreciation1,5591,3681,173Interest-net28419515912,9300.0012,0882.8311,0820.00Total expensesPre-tax earnings3,55465.834,63562.545,11565.491,3241,7101,899Income tax provisionS.2,23065.83 %2,92562.54 %3,21665.49 %Net earningsPrev1 of 3Next%24%24%24%24

TRIXY MAGIC, INC. Consollidated Statements of Earnings (In millions) Fiscal Years Ended on Fiscal 2018 % Sales Fiscal 2017 % Sales Fiscal 2016 % Sales Net sales $ 48,232 100.00 % 2$ 48,290 100.00 % 2$ 46,938 100.00 % Cost of sales 31,748 34.17 31,567 34.63 30,741 34.51 Gross margin 16,484 65.83 16,723 65.37 16,197 65.49 Expenses: Selling, general, and administrative 11,087 10,525 9,750 1,559 1,368 1,173 Depreciation 284 195 159 Interest-net Total expenses 12,930 0.00 12,088 2.83 11,082 0.00 Pre-tax earnings 3,554 65.83 4,635 62.54 5,115 65.49 Income tax provision 1,324 1,710 1,899 65.83 % 2$ 2,925 62.54 % 3,216 65.49 % Net earnings 2$ 2,230

TRIXY MAGIC, INC. Consollidated Statements of Earnings (In millions) Fiscal Years Ended on Fiscal 2018 % Sales Fiscal 2017 % Sales Fiscal 2016 % Sales Net sales $ 48,232 100.00 % 2$ 48,290 100.00 % 2$ 46,938 100.00 % Cost of sales 31,748 34.17 31,567 34.63 30,741 34.51 Gross margin 16,484 65.83 16,723 65.37 16,197 65.49 Expenses: Selling, general, and administrative 11,087 10,525 9,750 1,559 1,368 1,173 Depreciation 284 195 159 Interest-net Total expenses 12,930 0.00 12,088 2.83 11,082 0.00 Pre-tax earnings 3,554 65.83 4,635 62.54 5,115 65.49 Income tax provision 1,324 1,710 1,899 65.83 % 2$ 2,925 62.54 % 3,216 65.49 % Net earnings 2$ 2,230

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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