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Supply the missing dollar amounts for the income statement of Williamson Company for each of the following independent cases: Enter all amounts as positive values.
Supply the missing dollar amounts for the income statement of Williamson Company for each of the following independent cases: Enter all amounts as positive values. Case C Case A 9,600 310 Case B $ 7,600 $ Sales Revenues Sales Returns and Allowances Net Sales Cost of Goods Sold 435 7.520 6,560 6,360 4,850 1.770 Gross Profit The following summarized data were provided by the records of Mystery Incorporated for the year ended December 31: 22,899 184,ces 21,400 Administrative Expense Cost of Goods sold Income Tax Expense Sales Returns and Allowances Selling Expense Sales of merchandise for cash Sales of merchandise on credit 47,888 335,000 51,520 Required: 1. Based on these data, prepare a multi-step income statement for internal reporting purposes. MYSTERY INCORPORATED Income Statement For the Year Ended December 31 Operating expenses: 2-0. What was the amount of gross profit? Gross profit 2-6. What was the gross profit percentage? Gross profit percentage 2. c. Which of the followingis) is true? Select all that apply. The gross profit percentage is the average amount of gross profit earned on each dollar of net purchase. The gross profit is cost of goods sold minus net sales revenue. The gross profit is net sales revenue minus cost of goods sold. The gross profit percentage is the average amount of gross profit earned on each dollar of net sales. 3. Did the gross profit percentage in the current year improve, or decline, relative to the 49 percent gross profit percentage in the prior year? There is in the gross profit percentage when compared to 49% in the previous year
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