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In its income statement for the year ended December 31, 2010, Maris Company reported the following condensed data. Administrative expense $435,000 Selling expenses $490,000 Cost
In its income statement for the year ended December 31, 2010, Maris Company reported the following condensed data. Administrative expense $435,000 Selling expenses $490,000 Cost of goods sold 987,000 Loss on sale of equipment 83,500 Interest expense 68,000 Net sales 2,050,000 Interest revenue 65,000 Income tax expense 20,000 (a) Complete the multiple-step income statement below. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1.) MARIS COMPANY Income Statement $ Gross profit Operating expenses $ Total operating expenses Income from operations Other revenue and gains Other expenses and losses $ Income before income taxes Net income $ (b) Calculate the profit margin ratio and the gross profit rate. (Round to three decimal places, e.g. 0.444.) Profit margin ratio Gross profit rate
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