The Caltor Company gathered the following condensed data for theyear ended December 31, 2007: Cost..

The Caltor Company gathered the following condensed data for theyear ended December 31, 2007: Cost..

The Caltor Company gathered the following condensed data for theyear ended December 31, 2007: Cost of goods sold $ 710,000 Netsales 1,279,000 Administrative expenses 239,000 Interest expense68,000 Dividends paid 38,000 Selling expenses 45,000 Instructions(1). Prepare an income statement for the year ended December 31,2007. (2). Compute the profit margin ratio and gross profit rate.Caltor Company’s assets at the beginning of the year were $770,000and were $830,000 at the end of the year. To qualify for fullcredit, you must state the formula you are using, show yourcomputations and explain your findings. QUESTION TITLE :- The Caltor Company gathered the following condensed data for the year

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