Critical Thinking: Income Statements and Profitability Ratios (60 Points)
In this module, you were introduced to the income statement and profitability ratios. In this assignment, you will use this information to create an income statement and then analyze it for profitability. Selected accounts for Jackson, Inc. are listed below along with their balances before closing the year of 12/31/12. Jackson, Inc. is a firm that manufactures wireless mouse systems for laptops. Use this information to complete the required elements below.
|Interest expense||$ 2,000|
|Cost of goods sold||162,300|
|Gain on sale of equipment||3,600|
|Loss from fire||7,500|
|Retained Earnings (1/1/12 balance)||335,000|
The current syllabus cites a previous edition of the textbook. The attached update is correct for Winter and Spring—all current and upcoming terms.
1Dividends were declared and paid to Jackson, Inc. stockholders
|Gross profit margin||Operating income margin||Net profit margin|
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