Question

The following is a listing of all of the income statement accounts for Mulberry Street Sportswear...

The following is a listing of all of the income statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial balance as of December 31.

Advertising Expense $10,100
Cost of Goods Sold 88,000
Delivery Expense 4,300
Insurance Expense 800
Income Tax Expense 7,200
Rent Expense 11,700
Interest Expense 1,100
Sales Revenue 161,100
Sales Discounts 9,700
Sales Returns & Allowances 17,400

Required:

  1. Prepare a multistep income statement.
  2. Compute the gross profit percentage.
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Answer #1

>> Gross profit Percentage = Gross Profit / Net sales

>> Gross profit Percentage = $ 46,000 / $ 134,000

>> Gross profit Percentage = 34.33 %

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