The following is a listing of all of the income statement accounts for Mulberry Street...
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Accounting
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 $11,900
Cost of Goods Sold 88,400
Delivery Expense 4,300
Insurance Expense 900
Income Tax Expense 5,840
Rent Expense 11,800
Interest Expense 1,900
Sales Revenue 160,900
Sales Discounts 9,900
Sales Returns and Allowances 17,200
Required:
a. Prepare a multistep income statement.
b. Compute the gross profit percentage. (Round your answer to one decimal place (i.e., 0.1234 should be entered as 12.3).)
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