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Unformatted text preview: your recommendation with a calculation showing which action would be best. (b) If Jan forgoes the discount, it may be viewed as paying an interest rate of 1% for the use of $7,000 for 20 days. Calculate the annual rate of interest that this is equivalent to. 3. 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 return on assets ratio. Partin Companys assets at the beginning of the year were $770,000 and were $830,000 at the end of the year....
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This note was uploaded on 03/10/2011 for the course ACC 210 taught by Professor Staff during the Spring '07 term at N.C. State.
- Spring '07
- Income Statement