Please do not give solution in image format thanku Presented below is information for Cheyenne Corp. for the month of January 2022.Cost of goods soldFreight-outInsurance expenseSalaries and wages expense$222,0376,00011,00056.000Rent expenseSales discountsSales returns and allowancesSales revenueOther comprehensive income t$33,0008,00020,000381,0002,000 Textbook and MediaList of AccountsGross proftrateCompute the gross proft rate (Round answer to 2 decimal places, 25.20%)Tedbook and MediaCheyenne CorpIncome StatementList of Accounts1000K

Multi income statement is the income statement in a format that presents revenue , cost and expenses…

Answered: mce expense sand ges expense 11,000…

mce expense sand ges expense 11,000 56.000 Salas returns and allowances Sales revenue Other comprehensive income s 20,000 381,000 2,000

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Please do not give solution in image format thanku

Presented below is information for Cheyenne Corp. for the month of January 2022.
Cost of goods sold
Freight-out
Insurance expense
Salaries and wages expense
$222,037
6,000
11,000
56.000
Rent expense
Sales discounts
Sales returns and allowances
Sales revenue
Other comprehensive income t
$33,000
8,000
20,000
381,000
2,000

Textbook and Media
List of Accounts
Gross proftrate
Compute the gross proft rate (Round answer to 2 decimal places, 25.20%)
Tedbook and Media
Cheyenne Corp
Income Statement
List of Accounts
1000
K

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