In: Accounting
The following summarized data were provided by the records of Mystery Incorporated for the year ended December 31:
Administrative Expense | $ | 22,200 |
Cost of Goods Sold | 181,000 | |
Income Tax Expense | 20,800 | |
Sales Returns and Allowances | 8,600 | |
Selling Expense | 46,600 | |
Sales of merchandise for cash | 320,000 | |
Sales of merchandise on credit | 50,000 | |
1. Based on these data, prepare a multi-step income statement for internal reporting purposes
.2-a. What was the amount of gross profit?
2-c. Which of the following(s) is true? (Select all that apply.)
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3. Did the gross profit percentage in the current year improve, or decline, relative to the 48 percent gross profit percentage in the prior year?
There is _______ in the gross profit percentage when compared to
48% in the previous year.