Question

In its income statement for the year ended December 31, 2017, Ivanhoe Company reported the following...

In its income statement for the year ended December 31, 2017, Ivanhoe Company reported the following condensed data.
Salaries and wages expenses $813,750 Loss on disposal of plant assets $ 146,125
Cost of goods sold 1,727,250 Sales revenue 3,867,500
Interest expense 124,250 Income tax expense 43,750
Interest revenue 113,750 Sales discounts 280,000
Depreciation expense 542,500 Utilities expense 192,500
Prepare a multiple-step income statement. (List other revenues before other expenses.)
IVANHOE COMPANY
Income Statement

For the Month Ended December 31, 2017For the Year Ended December 31, 2017December 31, 2017

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

$

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:

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

$

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

$

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

$

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

$

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Calculate the profit margin and gross profit rate. (Round answers to 2 decimal places, e.g. 15.25%.)
Profit margin %
Gross profit rate %

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