The adjusted trial balance for Wholesome Food, Inc., as of November 30, 2012, is presented next:

Requirements
1. Prepare the multi-step income statement for November for Wholesome Food, Inc.
2. Calculate the gross profit percentage for November for Wholesome Food, Inc.
3. What does Wholesome Food, Inc.€™s gross profit percentagemean?

Transcribed Image Text:

Wholesome Food, Inc Trial Balance November 30, 2012 ACCOUNT Cash Accounts Receivable nventory Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Unearned Sales Revenue Note Payable, Long-term Common Stock Retained Earnings Dividends Sales Revenues Sales Returns and Allowances Sales Discounts Cost of Goods Sold Selling Expense General Expense Interest Expense Total DEBIT CREDIT $ 15,000 32,600 25,100 3,100 72,000 $ 13,700 5,800 5,300 31,700 30,000 59,300 41,000 199,600 3,400 3,700 100,100 26,100 22,600 700 $345,400 $345,400