In 2010, Rooney Company Had Net Sales of $600,000 and Cost

question 100

Essay

In 2010, Rooney Company had net sales of $600,000 and cost of goods sold of $360,000. Operating expenses were $150,000, and interest expense was $10,000. Rooney prepares a multiple-step income statement.
Instructions
(a) Compute Rooney's gross profit.
(b) Compute the gross profit rate.
(c) What is Rooney's income from operations and net income?
(d) If Rooney prepared a single-step income statement, what amount would it report for net income?

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