below is financial information

ncome E5-12 In 2017, Laquen Company had net sales of $900,000 and cost of goods sild $522,000. Operating expenses were $225,000, and interest expense was $11,000. Laqe prepares a multiple-step income statement Instructions Compute Laquen's gross profit. (b) Compute the gross profit rate. Why is this rate computed by financial statement wene (c) What is Laquen's income from operations and net income? (d) If Laquen prepared a single-step income statement, what amount would it report fo net income? In what section of its classified balance sheet should Laquen report inventory? (e) ounts ES-13 resented below is financial information for two different companies it ra Sales revenue Sales returns Net sales Cost of goods sold Gross profit Operating expenses Net income $92,000 $ 5,000 102,000 41,500 18,000 87,000 56,000 15,000 Instructions (a) Determine the missing amounts. (b) Determine the gross profit rates. (Round to one decimal place.) ounts. E5-14 Financial information is presented below for three different companies