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PLEASE HELP! The following percentages apply to Walton Company for Year 3 and Year 4: Year 4 Year 3 Sales 100.0 % 100.0 % Cost
PLEASE HELP! The following percentages apply to Walton Company for Year 3 and Year 4:
Year 4 Year 3 Sales 100.0 % 100.0 % Cost of goods sold 61.1 63.9 Gross margin 38.9 36.1 Selling and administrative expense 26.5 20.4 Interest expense 2.5 1.9 Total expenses 29.0 22.3 Income before taxes 9.9 13.8 Income tax expense 5.6 7.1 Net income 4.3 % 6.7 %
Required Assuming that sales were $515,000 in Year 3 and $595,000 in Year 4, prepare income statements for the two years.
The following percentages apply to Walton Company for Year 3 and Year 4: Sales Cost of goods sold Gross margin Selling and administrative expense Interest expense Total expenses Income before taxes Income tax expense Net income Year 4 100.0% 61.1 38.9 26.5 2.5 29.0 9.9 5.6 4.3% Year 3 100.08 63.9 36.1 20.4 1.9 22.3 13.8 7.1 6.78 Required Assuming that sales were $515,000 in Year 3 and $595,000 in Year 4, prepare income statements for the two years. Answer is not complete. WALTON COMPANY Income Statements Year 4 Year 3 $ Sales 595,000 515,000 Cost of goods sold Gross margin 595,000 515,000 Selling and administrative expenses 0 Interest expense Total expenses 0 0 Income before taxes Income tax expense Net income $ 0 S 0
The following percentages apply to Walton Company for Year 3 and Year 4:
Year 4 | Year 3 | ||||||
Sales | 100.0 | % | 100.0 | % | |||
Cost of goods sold | 61.1 | 63.9 | |||||
Gross margin | 38.9 | 36.1 | |||||
Selling and administrative expense | 26.5 | 20.4 | |||||
Interest expense | 2.5 | 1.9 | |||||
Total expenses | 29.0 | 22.3 | |||||
Income before taxes | 9.9 | 13.8 | |||||
Income tax expense | 5.6 | 7.1 | |||||
Net income | 4.3 | % | 6.7 | % | |||
Required Assuming that sales were $515,000 in Year 3 and $595,000 in Year 4, prepare income statements for the two years.
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