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Here are the list of possible accounts In its income statement for the year ended December 31, 2014, Gavin Company reported the following condensed data.
Here are the list of possible accounts
In its income statement for the year ended December 31, 2014, Gavin Company reported the following condensed data. Salaries and wages expenses $730,050 Loss on disposal of plant assets $ 131,095 Cost of goods sold 1,549,590 Sales revenue 3,469,700 Interest expense 111,470 Income tax expense 39,250 Interest revenue 102,050 Sales discounts 251,200 Depreciation expenses 486,700 Utilities expense 172,700 Prepare a multiple-step income statement. (List other revenues before other expenses.) GAVIN COMPANY Income Statement For the Year Ended December 31, 2014 Calculate the profit margin and gross profit rate. (Round answers to 2 decimal places, e.g. 15.25%.) Profit margin Gross profit rateStep by Step Solution
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