i 7413 AS AM Homework Chapter 04 Homework Score 0 of 2 pts

i 7/4/13 , AS AM Homework: Chapter 04 Homework Score: 0 of 2 pts S4-13 (similar to) ? ClaR te cor, to wewthe classhed balance sheet) HW Score: 0%, 0 of 8 pts the icon to www the income statement ) Data Table Start by Data Table Prepaid ent Total cutrent assets Equipment ne Year ended July 3 Cost of goods sold Gross prot otal operating expenses Accounts paryabie Salanes payable Accrued labilbies 10 500 Total curment notes payable Interest expense osal stockholders equity Print Done /4/2018 O Type here to search End

Solution

Gross Profit(%) = Gross Profit/Sales

Gross Profit = 10500/28000 = 37.50%

The gross profit is 37.50

Net Income(%) = Net Income/Sales

                       =5950/28000

                       =21.25%

Net income % is 21.25%