Mulberry - Income statement
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The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Mulberry Street Sportswear as they appear on the 12/31/11 adjusted trial balance.
Accounts Payable 10,000
Accounts Receivable 11,000
Advertising Expense 12,000
Cost of Goods Sold 89,000
Delivery Expense 6,000
Insurance Expense 1,000
Interest Expense 2,000
Merchandise Inventory 20,000
Rent Expense 12,000
Sales 160,000
Sale Discounts 11,000
Sale R & A 19,000
Unearned Revenue 2,000
Required:
A) Prepare a multi-step income statement for 2011 for Mulberry Street Sportswear.
B) Compute the Gross Profit Percentage for 2011 for Mulberry Street Sportswear.
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This solution explains how to prepare a multi-step income statement and compute the Gross Profit Percentage.
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The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Mulberry Street Sportswear as they appear on the 12/31/11 adjusted trial balance.
Accounts Payable 10,000
Accounts Receivable 11,000
Advertising Expense 12,000 12,000 $
Cost of Goods Sold 89,000 89,000 $
Delivery Expense ...
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