(TCO B) The Delta Company gathered the following condensed data for the year ended December 31, 2014:

Cost of goods sold

$300,000

Net sales

525,000

Administrative expenses

110,000

Interest expense

18,000

Common stock dividends paid

25,000

Selling expenses

52,000

Income tax percentage

33%

Instructions:

(1) Prepare a multiple-stepincome statement for the year ended December 31, 2014. (30 points)

(2) Compute the gross margin percentage and net profit margin ratio. Delta Companys assets at the beginning of the year were $800,000, and the total assets were $1,000,000 at the end of the year. To qualify for full credit, you must state the formula you are using, show your computations, and explain your findings. (6 points) (Points : 36)