- CALCULATOR MESSAGE MY ?NSTRUCTOR Exercise 5-8 (Part Level Submission) In its i

Question

- CALCULATOR MESSAGE MY ?NSTRUCTOR Exercise 5-8 (Part Level Submission) In its income statement for the year ended December 31, 2017, Oriole Company reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense Loss on disposal of plant assets $837,000 150,300 3,978,000 45,000 288,000 198,000 1,776,600 Sales revenue 127,800 117,000 558,000 Income tax expense Sales discounts Utilities expense ? (a) Z Your answer has been saved and sent for grading. See Gradebook for score details. Prepare a multiple-step income statement. (List other revenues before other expenses.) ORIOLE COMPANY Income Statement For the Year Ended Dec+mber3h29 et Sales Sates Revenue 28900 Net Sstes 776-5

Explanation / Answer

Gross margin =Gross margin /net sales

= 1913400/ 3690000

= .519 or 51.9%

Profit Margin =Net income /net sales

=114300/3690000

= .0310 or 3.10%

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