1. Culver Corporation reported net sales $715,000, cost of goods sold $500,500, operating expenses $126,000,...
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Accounting
1. Culver Corporation reported net sales $715,000, cost of goods sold $500,500, operating expenses $126,000, and net income $62,920. Calculate the profit margin and gross profit rate. (Round Profit marginanswer to 2 decimal places, e.g. 10.20%. Round Gross profit rateanswer to 0 decimal place, e.g. 10%.)
Profit margin
enter profit margin in percentages rounded to 2 decimal places %
Gross profit rate
enter gross profit rate in percentages rounded to 0 decimal %
2. Presented here are the components in Sheridan Companys income statement. Determine the missing amounts.
Sales Revenue
Cost of Goods Sold
Gross Profit
Operating Expenses
Net Income
$ 65,504
$enter a dollar amount
(b)
$ 27,600
$enter a dollar amount
(d)
$11,132
$99,360
$64,400
$enter a dollar amount
(c)
$enter a dollar amount
(e)
$27,140
$enter a dollar amount
(a)
$66,148
$100,832
$42,504
$enter a dollar amount
(f)
3. Ivanhoe Company provides this information for the month ended October 31, 2022: sales on credit $324,000, cash sales $162,000, sales discounts $5,400, and sales returns and allowances $20,520. Prepare the sales section of the income statement based on this information.
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