Compute the profit margin ratio

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Reference no: EM132276474

Question - The following information is available for Quayle Company:

Sales $600,000

Sales Returns and Allowances 20,000

Cost of Goods Sold 398,000

Selling Expense 69,000

Administrative Expense 25,000

Interest Expense 19,000

Interest Revenue 20,000

Instructions -

1. Use the above information multiple-step income statement for the year ended December 31, 2016.

2. Compute the profit margin ratio. Quayle Company's assets at the beginning of the year were $770,000 and were $830,000 at the end of the year.

Reference no: EM132276474

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