2 question about Gross Margin Ratio
Complete the Gross Margin Ratio as listed in the instructions and Use the Balance Sheet below as a guide for proper formatting. #1 Using the following revenues and expenses, create an income statement in proper format. Calculate the Gross Profit (Margin) Ratio. Loss on Sale of Assets Gain on Sale of Assets Income Tax Expense Interest Income Interest Expense COGS Net Sales $ $ $ $ $ $ $ 7,000 60,000 25,000 45,000 85,000 4,500,000 7,000,000 Selling, General, & Admin Expenses $ 1,700,000 #2 Using the following revenues and expenses, create an income statement in proper format. Calculate the Gross Profit (Margin) Ratio. COGS Loss on Sale of Assets Income Tax Expense Interest Expense Interest Income Gain on Sale of Assets Net Sales General & Admin Expense Wages Expense Utilities & Insurance Expense Depreciation Expense Lease & Rent Expense Supplies & Materials Expense Dues & Subscriptions Expense $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2,100,000 15,000 105,000 55,000 10,000 30,000 3,500,000 285,000 455,000 110,000 95,000 40,000 55,000 15,000 Here is the Balance Sheet that you will use AS A GUIDE FOR FORMATTING: ABC Company Balance Sheet As of Dec. 31, 2022 and 2021 ASSETS Short-Term (Current) Assets: Cash & Cash Equivalents Accounts Receivable Inventory Prepaid Assets Short-term Investments Total Current Assets Property, Plant, & Equipment (LT): Land Buildings Equipment & Autos 2022 $ 2021 75,000 25,000 110,000 90,000 $ 78,000 20,000 125,000 79,000 50,000 54,000 350,000 356,000 100,000 200,000 50,000 80,000 110,000 85,000 Less Accumulated Depreciation Net Property, Plant & Equip. (75,000) (55,000) 275,000 220,000 Intangible Assets (LT): Goodwill Copyrights Trademarks Patents 200,000 50,000 35,000 15,000 200,000 50,000 35,000 15,000 (300,000) (300,000) Less Accumulated Amortization Net Intangible Assets Natural Resources (LT): Timber Coal Less Accumulated Depletion Net Natural Resources – – 150,000 75,000 150,000 75,000 (225,000) (225,000) – – Total Assets $ 625,000 $ 576,000 LIABILITIES Short-Term (Current) Liabilities: Accounts Payable Wages Payable Interest Payable 50,000 35,000 5,000 65,000 30,500 2,500 Short-term Note Payable 65,000 73,000 155,000 171,000 75,000 50,000 Total Current Liabilities Long-Term (Non-Current) Liabilities: Long-Term Note Payable Long-Term Bonds Payable Total Long-Term Liabilities 45,000 60,000 120,000 110,000 Total Liabilities 275,000 281,000 265,000 210,000 50,000 15,000 25,000 50,000 15,000 25,000 (5,000) (5,000) 350,000 295,000 OWNERS’ EQUITY Retained Earnings Paid-In Capital: Common Stock $1 par, 500,000 shs authorized, 50,000 shs issued, 45,000 shs outstanding Preferred Stock Additional Paid-in Capital Treasury Stock 5,000 shs Total Owners’ Equity Total Liabilities & Owners’ Equity $ 625,000 $ 576,000
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