In its income statement for the year ended December 31, 2012, Misra Company reported the following condensed data.
| Administrative expenses Don't use plagiarized sources. Get Your Custom Essay on in its income statement for the year ended december 31 2012 misra company reported t 533576 For $10/Page 0nly | $465,000 | Loss on disposal of | |
| Cost of goods sold | 987,000 | plant assets | 83,500 |
| Interest expense | 71,000 | Net sales | 2,050,000 |
| Interest revenue | 65,000 | Income tax expense | 25,000 |
| Selling expenses | 420,000 |
Instructions
(a) Prepare a multiple-step income statement.
(b) Calculate the profit margin ratio and gross profit rate.
(c) In 2011, Misra had a profit margin ratio of 5%. Is the decline in 2012 a cause for concern? (Ignore income tax effects.)
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