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The following is a listing of some of the balance sheet accounts and all of the...

The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Aldine Inc. as they appear on the company’s adjusted trial balance.
  Accounts Payable $ 18,000
  Accounts Receivable   30,000
  Inventory   23,800
  Advertising Expense   21,500
  Cost of Goods Sold   165,000
  Delivery Expense   7,900
  Income Tax Expense   3,700
  Insurance Expense   1,000
  Rent Expense   19,600
  Sales Revenue   350,000
  Sales Discounts   9,100
  Sales Returns and Allowances   47,500

Net income would be

Income from Operations would be

The gross profit percentage would be closest to:
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Answer #1
Aldine Inc.
Income statement
Sales revenue $ 350,000
Less: Sales discount $ 9,100
Less: Sales Returns and Allowances $ 47,500
Net sales $ 293,400
Less: Cost of goods sold $ 165,000
Gross profit $ 128,400
Operating expenses:
Delivery expense $ 7,900
Rent expense $ 19,600
Advertising expense $ 21,500
Insurance expense $ 1,000
Total operating expenses $ 50,000
Operating income $ 78,400
Income tax expense $ 3,700
Net income $ 74,700

.

The gross profit percentage would be closest to = Gross profit ÷ Net sales

= $128,400 ÷ $293,400

= 43.76%

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