1. Use the data in Problem 5-6A to prepare Marchand Distributors' multi-step income statement for the year...

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1. Use the data in Problem 5-6A to prepare Marchand Distributors' multi-step income statement for the year ended May 31, 2017.

2. Corry Marchand, owner of the company, strives to earn a gross margin of at least 50 percent and a net income of 20 percent (Net income percentage = Net income ÷ Net sales revenue). Did Marchand Distributors achieve these goals? Show your calculations.

In Problem 5-6A

Items from the accounts of Marchand Distributors at May 31, 2017, follow, listed in alphabetical order. Marchand Distributors uses the perpetual inventory system. For simplicity, the operating expenses are summarized in the General Expenses and the Selling Expenses accounts.

1. Use the data in Problem 5-6A to prepare Marchand
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Horngrens Accounting

ISBN: 978-0133855371

10th Canadian edition Volume 1

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood

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