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.

Direction: Using the following account titles below:   Sales – 20,000 Interest Expense - 660 Cost of Goods Sold – 10,000 Rent Expense 2,000 Depreciation Expense – 1,000 Utilities Expense – 1,000 Selling Expenses – 2,000   Compute for the following: Gross Income Operating Income Net income

A company shows the following balances: $2,500,000 Sales Revenue Sales Returns and 450,000 Allowances Sales Discounts 50,000 Cost of Goods Sold 1,400,000 What is the gross profit percentage? a) 44% O b) 56% c) 70% d) 30%

Financial information is presented below: Operating Expenses $ 44,000 Sales Returns and Allowances 13,000 Sales Discounts 6,000 Sales 170,000 Cost of Goods Sold 77,000. Gross profit would be?

how is income tax expense calculated?

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

Gulay ni Marites Vegetables Shop Income Statement For the year ended Dec 31, 2022 Net Sales 739,200.00 100.00% COGS (540,600.00) 73.13% Gross Income 198,600.00 26.87% ОРЕХ (120,000.00) 16.23% Net Income before Tax 78,600.00 10.63% Tax Paid (3% of Sales) (22,176.00) 3.00% Net Income After Tax 56,424.00 7.63% The vertical analysis is correct. A False; error for VA of gross income B False; error for VA of net income after tax c) False; error for VA of net income before tax D True

Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Net sales Cost of goods sold Gross profit 2022 Selling expenses $754,000 465,218 122,148 61,828 33,176 71,630 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5%.) BRAMBLE CORPORATION Condensed Income Statements For the Years Ended December 31 2022 Amount $754,000 465,218 288,782 2021 122.148 $605,000 392,645 69,575 54,450 21,780 66,550 Percent 100 % 65 % Amount % $605,000 392,645 % 212,355.0 69,575 2021 Percent 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.)