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The Delta Company gathered the following condensed data for the year ended December 31, 2014:
Cost of goods sold
$300,000
Net sales
525,000
Administrative expenses
110,000
Interest expense
18,000
Common stock dividends paid
25,000
Selling expenses
52,000
Income tax percentage
33%
Instructions:
(1) Prepare a multiple-step income statement for the year ended December 31, 2014. (30 points)
(2) Compute the gross margin percentage and net profit margin ratio. Delta Company's assets at the beginning of the year were $800,000, and the total assets were $1,000,000 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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