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(Solved by Expert Tutors)The Delta Company gathered the following condensed data for the year ende


The Delta Company gathered the following condensed data for the year ended December 31, 2014:

Cost of goods sold?????

$300,000

Net sales???????????????????????

?525,000

Administrative expenses?????

110,000

Interest expense?????????

18,000

Common stock dividends paid?

25,000

Selling expenses?????

?52,000

Income tax percentage????

33%



Instructions:

(1) Prepare a multiple-step?income statement for the year ended December 31, 2014. (30 points)


(2) Compute the gross margin percentage and net profit margin ratio. Delta Company?s assets at the beginning of the year were $800,000, and the total assets were $1,000,000 at the end of the year. To qualify for full credit, you must state the formula you are using, show your computations, and explain your findings. (6 points) (Points : 36)

 


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DATE ANSWERED

Apr 19, 2020

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