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Having some trouble figuring this out any help would be much appreciated! Chapter 06 Extra Credit (5 Points) i Saved 35 Part 1 of 2

image text in transcribedimage text in transcribedHaving some trouble figuring this out any help would be much appreciated!

Chapter 06 Extra Credit (5 Points) i Saved 35 Part 1 of 2 Required information Exercise 6-16A Calculate levels of profitability for a multiple-step income statement and the gross profit ratio (LO6-2, 6-7) [The following information applies to the questions displayed below.] Below are amounts found in the income statements of three companies. 0.13 points Sales Company Henry Grace James Revenue $32,000 35,000 40,000 Cost of Goods Sold $ 4,800 24,500 24,800 Operating Expenses $ 5,000 13,100 3,000 Non-operating Expenses $2,000 7,000 0 Income Tax Expense $2,000 @ 3,000 eBook 000 Hint Exercise 6-16A Part 1 Print Required: 1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income. (Negative amounts should be indicated by a minus sign.) References Gross Profit Operating Income Income Before Income taxes Net Income / Loss Henry Grace James 36 Tatio (LUB-2, 6-7)" [The following information applies to the questions displayed below. Below are amounts found in the income statements of three companies. Part 2 of 2 Sales Revenue $32,000 35,000 40,000 Cost of Goods Sold $ 4,800 24,500 24,800 Company Henry Grace James Operating Expenses $ 5,000 13,100 3,000 Non-operating Expenses $2,000 Income Tax Expense $2,000 7,000 3,000 0.45 points Exercise 6-16A Part 2 eBook 2-a. For each company, calculate the gross profit ratio. Hint Gross Profit Ratio Henry Print Grace References James 2-b. Which company has the most favorable ratio? O Henry O Grace O James

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