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Exercise 14.5 (Static) Multiple-Step Income Statements (LO14-5) SPINX, INC. Income Statement For the Year Ended December 31, CURRENT YEAR Net sales Costs and expenses: $
Exercise 14.5 (Static) Multiple-Step Income Statements (LO14-5) SPINX, INC. Income Statement For the Year Ended December 31, CURRENT YEAR Net sales Costs and expenses: $ 4,395,253 (2,821,455) Cost of goods sold Operating expenses (1,004,396) Interest revenue 15,797 Earnings before income tax $ 585,199 Income tax expense (204,820) Net earnings $ 380,379 $ 1.70 Earnings per share Comparative balance sheets report average total assets for the year of $2,575,000 and average total equity of $1,917,000 (dollar amounts in thousands, except earnings per share). a. Prepare an income statement for the year in a multiple-step format. b-1. Compute the gross profit rate. b-2. Express the net income as a percentage of net sales. b-3. Compute the return on assets. b-4. Compute the return on equity for the year. Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req 83 Req B4 Compute the return on assets. (Round your percentage answer to 1 decimal place. Le. 0.1234 as 12.3%) Return on assets 14.8
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