You have been given the following information for Sherry's Sandwich Corp.: Net sales = $300,000; Gross...

You have been given the following information for Sherry's Sandwich Corp.:
Net sales = $300,000;
Gross profit = $100,000;
Addition to retained earnings = $30,000;
Dividends paid to preferred and common stockholders = $8,500;
Depreciation expense = $25,000.
The firm's tax rate is 30 percent. What are the cost of goods sold and the interest expense for Sherry's Sandwich Corp.? explain by steps.

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jeff jeffy answered 1 year ago

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