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(Solution) - In its income statement for the year ended December 31 71433

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In its income statement for the year ended December 31, 2012, Misra Company reported the following condensed data.
Administrative expenses ........ $465,000
Loss on disposal of Cost of goods sold .. 987,000
Plant assets ............. $ 83,500
Interest expense .............. 71,000
Net sales .............. 2,050,000
Interest revenue .............. 65,000
Income tax expense ........... 25,000
Selling expenses ............ 420,000
Instructions
(a) Prepare a multiple-step income statement.
(b) Calculate the profit margin ratio and gross profit rate.
(c) In 2011, Misra had a profit margin ratio of 5%. Is the decline in 2012 a cause for concern? (Ignore income tax effects.)

 







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