The following data were taken from the records of Township Corporation at December 31, 2015:
|
|
|
| Sales revenue |
$ |
85,000 |
| Gross profit |
|
30,000 |
| Selling (distribution) expense |
|
7,000 |
| Administrative expense |
|
? |
| Pretax income |
|
13,000 |
| Income tax rate |
|
35% |
| Shares of stock outstanding |
|
2,500 |
|
| 1. |
Prepare a complete multiple-step income statement for the company. (Hint: Rely on the amounts and percentages given to infer missing values.) (Round "Earnings per share" to 2 decimal places.)
2. What is the gross profit percentage? (Enter your answer as a percentage rounded to 1 decimal place (i.e., 0.123 should be entered as 12.3).)
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