140 following is the income statement for masters corporation for the year ended dec 4305803

140 following is the income statement for masters corporation for the year ended dec 4305803

140) Following is the income statement for Masters Corporation for the year ended December 31, 2010:

Masters Corporation

Income Statement

           For the Year Ended December 31, 2010

Net sales$570,000

Expenses:

Cost of goods sold278,500

 Selling expenses35,000

General expenses39,300

Interest expense42,000

Income tax expense  35,000

Total expenses 429,800

Net Income$140,200

a) Prepare a vertical analysis of the income statement showing appropriate percentages for each item listed above.

b) What additional information would you need to determine whether these percentages are good or bad?

141) Following is the income statement for Masters Corporation for the year ended December 31, 2010:

Masters Corporation

Income Statement

        For the Year Ended December 31, 2010

Net sales$570,000

Expenses:

Cost of goods sold278,500

 Selling expenses35,000

General expenses39,300

Interest expense42,000

Income tax expense  35,000

Total expenses 429,800

Net Income$140,200

a) Calculate the gross profit percentage

b)Calculate the profit margin.

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