Use the following to answer questions 34-39 SC reports the following income stat

Question

Use the following to answer questions 34-39 SC reports the following income statement results: Sales Operating expense Net income Sales returns& allowances Gross profit Interest revenue $589,520 155,400 52,065 4,520 214,695 10,000 34. $ 35. $ 36. $ 37. $ 38. 39.-- Calculate Net sales: Calculate Cost of Goods Sold Calculate operating income Calculate Income before Income tax (IBT) %. Calculate the gross profit margin (one decimal place) . 96. Calculate the net profit margin (one decimal place)

Explanation / Answer

NET SALES = SALES - SALES RETURS&ALLOWANCES

= $585000/-

COST OF GOODS SOLD = SALES - GROSS PROFIT

= $374825

OPERATING INCOME = SALES - OPERATING EXPENSES

= $434120

INCOME BEFORE INCOME TAX = $52065

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