Use the data for Tesla Electrical Supply, Inc., from E4-21A. Refer to data Exercise E4-21A, Requirements 1.
Question:
Use the data for Tesla Electrical Supply, Inc., from E4-21A.
Refer to data Exercise E4-21A,
Requirements
1. Prepare Tesla Electrical Supply, Inc.'s multi-step income statement.
2. Calculate the gross profit percentage.
3. The gross profit percentage for 2015 was 53.3 percent. Did the gross profit percentage improve or deteriorate during 2016?
Transcribed Image Text:
$ 6,450 46,500 5,800 35,000 10,000 24,500 1,450 950 135,000 Cost of Goods Sold . $123,700 Accumulated Depreciation, Equipment.. Unearned Revenues. Cash. Equipment. Accounts Payable. Common Stock. 13,700 2,350 275,000 5,100 Long-Term Notes Payable. General Expenses.. Salaries Payable. Supplies. Building.. Sales Returns and Sales Revenue.. Accounts Receivable. Accumulated Depreciation, Building. Mortgage Payable (Long-Term). Dividends. 38,000 25,900 Allowances. 3,400 1,750 750 45,000 1,500 37,000 Prepaid Rent. Interest Expense Retained Earnings. Sales Discounts Selling Expenses. Inventory.. 40,450 16,050
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Req 1 Tesla Electrical Supply Inc Income Statement Year Ended August 31 2016 Sales ...View the full answer
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