The adjusted trial balance for Great Gadget, Inc., as of April 30, 2012, is presented next: Requirements
Question:
Requirements
1. Prepare the multi-step income statement for April for Great Gadget, Inc.
2. Calculate the gross profit percentage for April for Great Gadget, Inc.
3. What does Great Gadget, Inc.s gross profit percentagemean?
Transcribed Image Text:
Great Gadget, Inc. Trial Balance April 30, 2012 ACCOUNT DEBIT CREDIT $ 10,100 31,900 20.100 2,400 75,000 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Unearned Sales Revenue Note Payable, Long-Term Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Selling Expense General Expense Interest Expense Total S 6,100 6,300 2,400 15,000 40,000 43,700 41,000 221,600 3,500 3.100 98,900 32,600 16,100 400 $335,100 $335,100
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