Question: Presented below is information for Jorge Company for the year ended March 31, 2012. Instructions (a) Prepare a multiple-step income statement. (b) Compute the gross

Presented below is information for Jorge Company for the year ended March 31, 2012.

Instructions
(a) Prepare a multiple-step income statement.
(b) Compute the gross profit rate.

Cost of goods sold 222,770Rent expense S35,470 Freight-out 7,147 Sales discounts 8.229 Sales retums and Insurance expense 14,820 allowances 13,982 Salary expense 61,560 Sales 389,740

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