Income Statement For the Year Ending December 31, 20X1Sales (on credit)$ 2,106,000Cost of goods sold1,371,000Gross profit$ 735,000Selling and administrative expenses561,000*Note asteriskOperating profit (EBIT)S 174,000Interest expense33,900Earnings before taxes (EBT)S 140,100Taxes83,300Earnings after taxes (EAT)S 56,800*Selling and administrative expenses Note asteriskIncludes $42,700 in lease payments. Using the above financial statements for the Jackson Corporation, calculate the following ratios. Profitability ratios. Note: Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.

Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:                                                          Current Year              Previous YearSales                                                   $4,000,000                $3,600,000Cost of goods sold                              2,280,000                   1,872,000Selling expenses                                  600,000                      648,000Administrative expenses                      520,000                       360,000Income tax expense                             240,000                       216,000a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage.b. Comment on the significant changes disclosed by the comparative income statement.

Using the following information, what is the amount of net income? Purchases $25,987   Selling expenses $693 Merchandise inventory, September 1 7,575   Merchandise inventory, September 30 8,525 Administrative expenses 955   Sales 50,914 Rent revenue 1,194   Interest expense 848     a.$17,000b.$26,271c.$24,575d.$33,100

Required information E6-17 Analyzing Gross Profit Percentage on the Basis of a Multistep Income Statement [LO 6-6]   [The following information applies to the questions displayed below.]   The following data were provided by Mystery Incorporated for the year ended December 31:     Cost of Goods Sold $ 164,000   Income Tax Expense   17,470   Merchandise Sales (gross revenue) for Cash   238,000   Merchandise Sales (gross revenue) on Credit   41,600   Office Expenses   18,900   Sales Returns and Allowances   6,990   Salaries and Wages Expense   39,800       E6-17 Part 2 2-a. What was the amount of gross profit? 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.)

2020    Revenue   $432,000    Returns, allowances, discounts   ($21,600)    Cost of goods sold   ($280,800)    Operating expenses   ($45,000) Net Income   $84,600 Use the above information to calculated the gross margin/profit  ratio.

Subject: acounting

Use the following to answer questions 6 – 7 MC, Inc., reported the following amounts at the end of the year: Total sales $888,000 Accounts receivable Sales allowances 60,000 3,500 Allowance for Uncollectible accounts 1,400 Sales discounts 18,000 9,000 Sales returns Determine total contra revenues for $ the company 6. 7. $ Determine net sales for the company

Sales Cost of goods sold Gross profit Fixed charges (other than interest) Income before interest and taxes Interest Income before taxes Taxes (35%) Income after taxes. LANCASTER CORPORATION a. What is the times-interest-earned ratio? Note: Round your answer to 2 decimal places. Times interest earned Fixed charge coverage times b. What would be the fixed-charge-coverage ratio? Note: Round your answer to 2 decimal places. times $ 259,000 209,000 $ 50,000 24,500 $ 25,500 19,000 $ 6,500 2,275 $ 4,225

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