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 $11,000
Cost of Goods Sold 87,800
Delivery Expense 4,500
Insurance Expense 1,200
Income Tax Expense 6,200
Rent Expense 10,900
Interest Expense 1,600
Sales Revenue 160,300
Sales Discounts 10,500
Sales Returns & Allowances 17,300

Required:

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

Answer of Part b:

Gross Profit Percentage = Gross Profit / Net Sales *100
Gross Profit Percentage = $44,700 / $132,500 *100
Gross Profit Percentage = 33.74%

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