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Use the following to answer questions 21-25 The company reports the following amounts...

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Accounting

Use the following to answer questions 21-25
The company reports the following amounts in its year-end income statement:
Net sales $725,000 Cost of goods sold $300,000
Advertising expense 100,000 Sales discounts 3,000
Utilities expense 20,000 Salaries expense 200,000
Effective income tax rate 15% Interest expense 4,000
21. $____________Determine gross profit
22. $____________Determine operating expenses
23. $____________Determine Income tax expense
24.______.___% Calculate the gross profit ratio (round to one decimal place).
25.____.___% Calculate the profit margin (round to one decimal place).

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