In its income statement for the year ended December 31, 2010, MarisCompany reported the following condensed data.

Administrative expense $435,000 Selling expenses $490,000
Cost of goods sold 987,000 Loss on sale of equipment 83,500
Interest expense 68,000 Net sales 2,050,000
Interest revenue 65,000 Income tax expense 20,000

(a) Complete the multiple-step income statement below. (Listmultiple entries from largest to smallest amounts, e.g. 10, 5,1.)

Income Statement


Gross profit
Operating expenses

Total operating expenses

Income from operations
Other revenue and gains

Other expenses and losses

Income before income taxes

Net income

(b) Calculate the profit margin ratio and the gross profit rate.(Round to three decimal places, e.g. 0.444.)

Profit margin ratio
Gross profit rate

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Tod Thiel
Tod ThielLv2
28 Sep 2019

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