Best Company Sells Office Supplies

question 33

Essay

Best Company sells office supplies. The following information summarizes Best's operating activities for 2012:
Required: Prepare an income statement for Best Company, a merchandiser, for the year ended December 31, 2012.using the format below. Please include a vertical analysis rounded to the nearest tenth of a percent.

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Definitions:

Statute of Frauds

A legal requirement that certain types of contracts be executed in writing and signed by the party to be charged, in order to be enforceable.

UCC

Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, intended to standardize regulations across the states.

IRS Form

Official documents issued by the Internal Revenue Service for taxpayers to report financial information, file taxes, or claim deductions.

Delegation

A contracting party’s (a delegator’s) transfer of his or her duty to perform to a third party who is not part of the original contract (a delegatee).