Answered

Westonci.ca is your trusted source for finding answers to all your questions. Ask, explore, and learn with our expert community. Get expert answers to your questions quickly and accurately from our dedicated community of professionals. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Below are amounts found in the income statements of three companies.

Company Sales Revenue Cost of Goods Sold Operating Expenses Non-operating Expenses Income Tax Expense
Henry $12,000 $3,000 $4,000 $1,000 $1,000
Grace 15,000 10,000 6,000 3,000 0
James 20,000 12,000 2,000 0 2,000

Required:
a. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income.
b. For each company, calculate the gross profit ratio and indicate which company has the most favorable ratio.

Sagot :

Answer:

Explanation:

Below are amounts found in the income statements of three companies.

Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.