S.27 The December 31, 2014 income statement accounts and other information of Lyon's Hardware are...
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S.27 The December 31, 2014 income statement accounts and other information of Lyon's Hardware are shown below Advertising expense Depreciation expense: store equipment Depreciation expense: building (store) Depreciation expense: office equipment Depreciation expense: building (office) Interest revenue Interest expense Cost of goods sold nsurance expense Sales (net) Office supplies expense $ 4.300 1.600 3.700 2,300 1,100 1,700 900 63.900 350 02.000 480 800 5% of net sales 2,600 1,500 400 Store supplies expense Sales salaries expense Office salaries expense Utilities expense (store) Utilities expense (office) Required: (I) Prepare a classified 2014 income statement for Lyon's Hardware (2) Compute the profit margin for 2014. If the profit margin for 2013 was 12.5%, what can be said about the 2014 results
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