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1. In 2010, Walter Payton Company had net sales of $900,000 and cost of goods sold of $540,000. Operating expenses were $230,000, and interest expense was $11,000. Payton prepares a multiple-step income statement.
(a) Compute Payton's gross profit.
(b) Compute the gross profit rate. Why is this rate computed by financial statement users?
(c) What is Payton's income from operations and net income?
(d) If Payton prepared a single-step income statement, what amount would it report for net income?
(e) In what section of its classified balance sheet should Payton report merchandise inventory?
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