Question Details

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

Brief item decscription

Solution download

Item details:

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
(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.)


About this question:

This question was answered on: Jul 11, 2017

PRICE: $15 (18.37 KB)

Buy this answer for only: $15

Pay using PayPal (No PayPal account Required) or your credit card. All your purchases are securely protected by PayPal.

Need a similar solution fast, written anew from scratch? Place your own custom order

We have top-notch tutors who can help you with your essay at a reasonable cost and then you can simply use that essay as a template to build your own arguments. This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student. New solution orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

Order Now