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Accounting

The following information is available for Partin Company.

Sales	$598,000
Sales returns and allowances	20,000
Cost of goods sold	398,000
Selling expense	69,000
Administrative expense	25,000
Interest expense	19,000
Interest revenue	20,000

Instructions:
1: Use the above information to prepare a multiple-step income statement for the year ended December 31, 2007.
2: Compute the profit margin ratio and gross profit rate. Partin Company's assets at the beginning of the year were $770,000, and they were $830,000 at the end of the year. To qualify for full credit, you must state the formula you are using, show your computations, and explain your findings.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9944286

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