Old Mills income statement appears as follows (amounts in thousands): Use the following ratio data to complete

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Old Mills’ income statement appears as follows (amounts in thousands):

Use the following ratio data to complete Old Mills’ income statement:
1. Inventory turnover is 3.70 (beginning Merchandise Inventory was $810; ending Merchandise Inventory was $770).
2. Profit margin ratio is 14%.

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Horngrens Accounting The Financial Chapters

ISBN: 9780136162186

13th Edition

Authors: Tracie Miller Nobles, Brenda Mattison

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Question Posted: Mar 08, 2023 04:06 AM

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Old Mills income statement appears as follows (amounts in thousands): Use the following ratio data to complete

Question:

OLD MILLS Income Statement Year Ended December 31, 2024 Net Sales Revenue Cost of Goods Sold Selling and Administrative Expenses Interest Expense Other Expenses Income Before Income Taxes Income Tax Expense Net Income $ 6,900 (a) 1,710 (b) 120 1,150 (c) (d)

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Horngrens Accounting The Financial Chapters

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