In 2016 Rondelli Company had net sales of $650000 and cost of goods sold of $455000. Operating expenses were $150000 and interest expense was $10000. Rondelli prepares a multiple-step income statement.
Instructions
(a) Compute Rondelli gross profit.
(b) Compute the gross profit rate.
(c) What is Rondelli income from operations and net income?
(d) If Rondelli prepared a single-step income statement what amount would it report for net income?

Question

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The Answer of In 2016 Rondelli Company had net sales of $650000 and cost of goods sold of $455000. Operating expenses were $150000 and interest expense was $10000. Rondelli prepares a multiple-step income statement.
Instructions
(a) Compute Rondelli gross profit.
(b) Compute the gross profit rate.
(c) What is Rondelli income from operations and net income?
(d) If Rondelli prepared a single-step income statement what amount would it report for net income?

In 2016 Rondelli Company Had Net Sales of $650000 and Cost