The following income statements were drawn from the annual reports of the Atlanta Company and...
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Accounting
The following income statements were drawn from the annual reports of the Atlanta Company and the Boston Company: Atlanta* Boston* Net sales $ 210,000 $ 230,000 Cost of goods sold (126,000) (179,400) Gross margin 84,000 50,600 Less: Operating expense Selling and admininstrative expense (67,200) (32,200) Net income $ 16,800 $ 18,400 *All figures are reported in thousands of dollars. Required: a-1. Compute the gross margin percentages and return-on-sales ratios of Atlanta and Boston. a-2. One of the
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