Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

Exercise 59

Comparative balance sheets report average total assets for the year of $2,575,000 and average total equity of $1,917,000 (dollar amounts in thousands, except earnings per share).
a.repare an income statement for the year in a multiple-step format.
b.ompute the ( 1 ) gross profit rate, ( 2 ) net income as a percentage of net sales, ( 3 ) return on assets, and ( 4 ) return on equity for the year.Round computations to the nearest one-tenth of 1 percent.)
c.xplain why interest revenue is not included in the company's gross profit computation.