In this module, you were introduced to the income statement and profitability ratios. In this assignment, you will use this information to create an income statement and then analyze it for profitability. Selected accounts for Jackson, Inc. are listed below along with their balances before closing the year of 12/31/12. Jackson, Inc. is a firm that manufactures wireless mouse systems for laptops. Use this information to complete the required elements below.
| Interest expense | $ 2,000 |
| Sales revenue | 297,000 |
| Selling expenses | 38,200 |
| Administrative expenses | 16,700 |
| Cost of goods sold | 162,300 |
| Dividends1 | 12,200 |
| Gain on sale of equipment | 3,600 |
| Loss from fire | 7,500 |
| Retained Earnings (1/1/12 balance) | 335,000 |
| Tax expense | 22,800 |
1Dividends were declared and paid to Jackson, Inc. stockholders
Required:
| Gross profit margin | Operating income margin | Net profit margin | |
| Jackson, 2011 | 47.22% | 26.52% | 17.75% |
| Jackson, 2010 | 48.87% | 25.43% | 17.03% |
| Competitor, 2012 | 43.22% | 31.20% | 21.14% |
The following links provide sample formatting for income statements and statements of retained earnings.
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