Problem: The Caldor Company gathered the following condensed data for the year ended December 31, 2014:
|
Cost of Goods Sold
|
$500,000
|
|
Net Sales
|
975,000
|
|
Selling Expenses
|
150,000
|
|
Interest Expense
|
25,000
|
|
Administrative Expenses
|
175,000
|
|
Common Stock Dividends Paid
|
50,000
|
|
Income tax percentage
|
35%
|
Required:
Question 1: Prepare a multiple-step income statement for the year ended December 31, 2014.
Question 2: Compute the gross margin percentage and net profit margin ratio. Caldor Company's assets at the beginning of the year were $900,000, and the assets were $950,000 at the end of the year. To qualify for full credit, you must state the formula you are using, show your computations, and explain your findings.
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