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The company reports the following amounts in its December 31, 20XD income statement: Cost of goods sold $430,000 Net sales $920,000 Utilities expense 11,300 Salaries
The company reports the following amounts in its December 31, 20XD income statement: Cost of goods sold $430,000 Net sales $920,000 Utilities expense 11,300 Salaries expense 345,000 Interest expense 3.200 Sales discounts 14,400 Advertising expense 112,000 Effective income tax rate 20% 22. $ Determine Sales 23. $ Determine gross profit 24. S Determine operating expenses Determine Income before income taxes 25. $ (IBT) 26. $ Determine Income tax expense 27. $ Determine net income 28. % Calculate gross profit ratio (round to two decimal places). 29. Comparing the company's common sized income statement with its competitor. The competitor's gross margin is 45.0%, which company is doing better
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