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Question #2The following information is available for Walnut Creek Audio and Video Company for the...

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Accounting

Question #2The following information is available for Walnut Creek Audio and Video Company for the month of August 31,2023:Sales revenue$206,890Rent expense 3,350 Salaries and wages expense 4,740 Advertising expense 2,000 Insurance expense 600 Sales returns and allowances 1,765Cost of goods sold 99,445 Supplies expense 150Interest expense 110Dividend revenue 225Instructions1.Use the above information to prepare a multiple-step income statement in good form with proper headings and date.2.Compute both the gross profit margin and also the profit margin.Note: Income Tax Rate is 40%
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