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.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

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%

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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: Prepare a multistep income statement. Compute the gross profit percentage.
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 $10,600 Cost of Goods Sold 87,300 Delivery Expense 4,100 Insurance Expense 1,400 Income Tax Expense 7,320 Rent Expense 10,100 Interest Expense 1,300 Sales Revenue 160,400 Sales Discounts 10,100 Sales Returns & Allowances 17,200 Required: Prepare a multistep income statement. Compute the gross profit percentage.
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 87,600   Delivery Expense 4,000   Insurance Expense 800   Income Tax Expense 6,920   Rent Expense 11,600   Interest Expense 1,300   Sales Revenue 160,500   Sales Discounts 9,100   Sales Returns and Allowances 18,700 Mulberry Street Sportswear Income Statement For the year ended December 31 b. Compute the gross profit percentage....
Problem 6-204 [LO 6-6] The following is a listing of all of the income statement accounts...
Problem 6-204 [LO 6-6] 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 $10,900 Cost of Goods Sold 87,600 Delivery Expense 5,800 Insurance Expense 1,100 Income Tax Expense 6,240 Rent Expense 10,600 Interest Expense 1,400 Sales Revenue 160,900 Sales Discounts 9,700 Sales Returns & Allowances 18,200 Required: Prepare a multistep income statement. Compute the gross profit percentage.
The following is a listing of some of the balance sheet accounts and all of the...
The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Northview Company as they appear on the company’s adjusted trial balance. Accounts Payable $ 11,000 Accounts Receivable 21,000 Inventory 22,000 Advertising Expense 17,000 Cost of Goods Sold 129,000 Delivery Expense 7,000 Income Tax Expense 3,900 Insurance Expense 1,000 Rent Expense 16,000 Sales Revenue 260,000 Sales Discounts 10,000 Sales Returns & Allowances 34,000 Income from Operations would be:
The following is a listing of some of the balance sheet accounts and all of the...
The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Aldine Inc. as they appear on the company’s adjusted trial balance.   Accounts Payable $ 18,000   Accounts Receivable   30,000   Inventory   23,800   Advertising Expense   21,500   Cost of Goods Sold   165,000   Delivery Expense   7,900   Income Tax Expense   3,700   Insurance Expense   1,000   Rent Expense   19,600   Sales Revenue   350,000   Sales Discounts   9,100   Sales Returns and Allowances   47,500 Net income would be Income from Operations would...
The following is a listing of some of the balance sheet accounts and all of the...
The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Aldine Inc. as they appear on the company’s adjusted trial balance. Accounts Payable $10,000 Accounts Receivable 11,000 Inventory 20,000 Advertising Expense 12,000 Cost of Goods Sold 89,000 Delivery Expense 6,000 Income Tax Expense 2,000 Insurance Expense 1,000 Rent Expense 12,000 Sales Revenue 160,000 Sales Discounts 11,000 Sales Returns & Allowances 19,000 2. Required information Use the information above to answer...
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on...
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment $ 6,250 Depreciation expense—Office copier $ 420 Office supplies expense 790 Sales discounts 15,200 Insurance expense 1,240 Sales returns and allowances 3,900 Sales 225,000 TV advertising expense 3,000 Office salaries expense 32,100 Interest revenue 660 Rent expense—Selling space 10,500 Cost of goods sold 88,800 Sales staff wages 22,400 Sales commission expense 13,600    Prepare a multiple-step income statement.
Panamerican Foods reported the following account balances on the company’s adjusted trial balance. Accounts Payable $...
Panamerican Foods reported the following account balances on the company’s adjusted trial balance. Accounts Payable $ 6,000 Accounts Receivable 25,000 Inventory 22,800 Advertising Expense 19,000 Cost of Goods Sold 145,000 Delivery Expense 7,400 Income Tax Expense 2,000 Insurance Expense 1,000 Rent Expense 17,600 Sales Revenue 300,000 Sales Discounts 9,600 Sales Returns & Allowances 40,000 Net income would be: $100,000. $105,400. $98,000. $134,200. None of the other answers are correct.
The following is a partial Adjusted Trial Balance for Alpha Company for the month: Alpha Company...
The following is a partial Adjusted Trial Balance for Alpha Company for the month: Alpha Company Adjusted Trial Balance (partial) January 31, 2016 Accounts Debit Credit Inventory $2,750 Sales $10,000 Sales Discounts 200 Sales Returns & Allowances 1,200 Purchases 4,000 Purchases Discounts 150 Purchase Returns & Allowances 450 Freight In 50 Advertising Expense 150 Depreciation Expense (100% Admin & General) 130 Freight Out 70 Income Tax Expense 500 Salaries Expense 500 Utilities Expense 100 Additionally, Inventory for December 31, 2015...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT