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The company reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Utilities expense Interest expense Advertising expense $430,000 Net
The company reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Utilities expense Interest expense Advertising expense $430,000 Net sales 11,300 Salaries expense 3,200 Sales discounts 112,000 Effective income tax rate $920,000 345,000 14,400 20% 22. $ Determine Sales 23. S Determine gross profit 24. $ Determine operating expenses 25. S Determine Income before income taxes (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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