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Required information [The following information applies to the questions displayed below.] The following data were provided...

Required information

[The following information applies to the questions displayed below.]

The following data were provided by Mystery Incorporated for the year ended December 31:

Cost of Goods Sold $ 159,000
Income Tax Expense 16,000
Merchandise Sales (gross revenue) for Cash 228,000
Merchandise Sales (gross revenue) on Credit 39,600
Office Expenses 18,400
Sales Returns and Allowances 6,690
Salaries and Wages Expense 37,800

Required:

  1. Prepare a multistep income statement.

MYSTERY INCORPORATED
Income Statement
For the Year Ended December 31
0
0
0
$0

  1. 2-a. What was the amount of gross profit?

  2. 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.)

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