301C5xky - Acct 301 Extra Credit Activity Answer Key

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1 Acct 301 Extra Credit Activity Answer Key 301C5xcrkey.doc/dec’08/Burbage Preparation of Multiple-Step Income Statement and Ratio Calculations (5 points) 1. Using the account information below prepare, in good form, a complete multiple step income statement for the Prepare It Right Corporation for the year ended December 31, 2007. Be sure to include a detailed cost of goods sold section in the body of the statement and a proper heading for your statement. The operating expenses may be listed in any order. 2. When you have completed preparing the income statement calculate the Gross Profit Rate and the Profit Margin Percentage. Put your answers below the income statement and round to 3 significant digits. 3. This project must be typed using a computer and either word processing or spreadsheet software. Print out your answer and hand it in no later than the beginning of class on the due date shown on your homework schedule. You may collaborate (work with) other students but each person must type their own
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This note was uploaded on 12/14/2010 for the course BUS 3103 taught by Professor Nugent during the Spring '09 term at Texas Woman's University.

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301C5xky - Acct 301 Extra Credit Activity Answer Key

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