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

Required:
1. For each company, calculate
(a) Gross profit,
(b) Operating income,
(c) Income before income taxes,
(d) Net income.
2. For each company, calculate the gross profit ratio and indicate which company has the most favorableratio.

Transcribed Image Text:

Cost of Operating Income Net Sales Goods Sold Nonoperating xpenses Company xpenses Expense S1,300 Henry Grace James 17,000 S3,400 21,000 12.600 24.000 19.200 $5,100 9,800 1,700 S900 2,400 1600