Income Statement
The following data were provided by Bluebird Company for calendar year 1999:
|
Sales |
$350,000 |
|
Gross margin percentage |
45% |
|
Net income percentage |
8% |
|
Income tax percentage |
25% |
Required
a. Based on the previous data, determine the following:
1. Cost of goods sold
2. Net income
3. Income taxes
4. Operating expenses (assume no “other expenses and revenues”)
b. Prepare a multiple step income statement for the year ended December 31, 1999.