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The adjusted trial balance of Gertz Company included the following selected accounts

The adjusted trial balance of Gertz Company included the following selected accounts
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Solution Guide / Answer Key:

ACCOUNTING

The adjusted trial balance of Gertz Company included the following selected accounts:

Debit Credit

Sales $575,000
Sales Returns and Allowances $50,000
Sales Discounts 9,500
Cost of Goods Sold 347,000
Freight-out 2,000
Advertising Expense 15,000
Interest Expense 19,000
Store Salaries Expense 74,000
Utilities Expense 18,000
Depreciation Expense 3,500
Interest Revenue 25,000

Instructions
(1). Use the above information to prepare a multiple-step income statement for the year ended December 31, 2007.
(2). Calculate the profit margin ratio and gross profit rate.

 

FILE: MS WORD

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