Question on accounting balance sheet 12/31/12. Jackson, Inc, accounting homework help

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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:

  1. On
    a spreadsheet, prepare a multistep income statement for the year ending
    12/31/12 with proper heading. See link below for sample income
    statement. Near the bottom of your income statement should be a subtotal
    for income before taxes and then you should subtract taxes to compute
    net income. Net income should have a double underline.
  2. On the
    same spreadsheet, prepare a statement of retained earnings for the year
    ending 12/31/12 with proper heading. See link below for sample statement
    of retained earnings. There are no adjustments to retained earnings and
    ending retained earnings should have a double underline.
  3. On the
    same spreadsheet, compute the gross profit margin, operating income
    margin, and net profit margin for 2012, showing the numerator and
    denominator for all ratios. Take ratios out to the nearest hundredth of a
    percentage (e.g., 33.33%).
  4. On the same spreadsheet, write a
    paragraph analyzing each of the profitability ratios for Jackson, Inc.
    given the following information from previous years and competitors.

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.

Submit your spreadsheet in the Module 3 folder. Ensure your work is accurate and reflects CSU-Global Guide to Writing and APA Requirements, following APA style, and properly referenced.

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