Question
Sidney Corporation results for the current year ended December 31: Cost of goods sold 309,000 Selling and admin expenses 72,000 Net sales 625,000 Interest expense
Sidney Corporation results for the current year ended December 31:
| Cost of goods sold | 309,000 |
| Selling and admin expenses | 72,000 |
| Net sales | 625,000 |
| Interest expense | $14,000 |
| Income tax | 24,000 |
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Gross profit and gross profit margin for the year are:
| a. | $244,000; 39.0% | |
| b. | $230,000; 36.8% | |
| c. | $316,000; 50.6% | |
| d. | $316,000; 49.4% | |
| e. | $326,000; 62.1% |
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Auditing A Practical Approach
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton
4th Edition
0730382648, 978-0730382645
