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Exercise 5-6 Presented below is information for Sunland Company for the month of January 2017. Cost of goods sold $201,500 Rent expense $32,100 Freight-out 7,900 Sales discounts 9,000 Insurance expense 13,600 Sales returns and allowances 18,700 Salaries and wages expense 63,700 Sales revenue 393,500 Income tax expense 4,500 Other comprehensive income (net of $400 tax) 2,000

Prepare an income statement using the multi-step format.

Prepare an income statement using the multi-step format.

SUNLAND COMPANY Income Statement choose the accounting period January 31, 2017For the Month Ended January 31, 2017For the Year Ended January 31, 2017
Select a closing name for section one DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss)
Enter an income statement item		$Enter a dollar amount
select between addition and deduction AddLess :
Enter an income statement item	$Enter a dollar amount
Enter an income statement item	Enter a dollar amount
		Enter a subtotal of the two previous amounts
Select a closing name for section one Dividends Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, January 31 Sales Total Revenues Net Sales Gross Profit Operating Expenses Total Operating Expenses Income Before Income Taxes Net Other Comprehensive Income / (Loss) Comprehensive Income / (Loss)		Enter a total amount for section one
Enter an income statement item		Enter a dollar amount
Select a summarizing line for the first part DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss)		Enter a total amount for the first part
Select an opening name for section two DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss)
Enter an income statement item	Enter a dollar amount
Enter an income statement item	Enter a dollar amount
Enter an income statement item	Enter a dollar amount
Enter an income statement item	Enter a dollar amount
Select a closing name for section two Dividends Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, January 31 Sales Total Revenues Net Sales Gross Profit Operating Expenses Total Operating Expenses Income Before Income Taxes Net Other Comprehensive Income / (Loss) Comprehensive Income / (Loss)		Enter a total amount for section two
Select a summarizing line for the second part DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss)		Enter a total amount for two parts
Enter an income statement item		Enter a dollar amount
Select a closing name for this statement DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss)		$Enter a total net income or loss amount

SHOW LIST OF ACCOUNTS

SUNLAND COMPANY Comprehensive Income Statement choose the accounting period January 31, 2017For the Year Ended January 31, 2017For the Month Ended January 31, 2017
Select an opening name for this statement DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss)		$Enter a dollar amount
Enter an income statement item DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss)		Enter a dollar amount
Select a closing name for this statement DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss)		$Enter a total Comprehensive Income or loss amount

Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%.)

Profit margin		enter Profit margin in percentages rounded to 1 decimal place	%
Gross profit rate		enter Gross profit rate in percentages rounded to 1 decimal place	%

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