The adjusted trial balance for CED Electric, Inc., as of June 30, 2010, is presented next:

Requirements 1. Prepare the multi-step income statement for June for CED Electric, Inc.
2. Calculate the gross profit percentage for June for CED Electric, Inc.
3. What does CED Electric Inc.’s gross profit percentage mean?

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CED Electric, Inc. Trial Balance June 30, 2010 ACCOUNT Cash Accounts Receivable Inventory Supplies Equipment DEBIT $ 13,600 CREDIT 32,600 19,600 2,600 69,000 Accumulated Depreciation, Equipment Accounts Payable $ 13,700 5,100 Unearned Sales Revenue 2,800 Note Payable, Long-term 40,000 Common Stock 25,000 Retained Earnings 68,200 Dividends 48,000 Sales Revenues 197,500 Sales Returns and Allowances 4,800 Sales Discount 3,100 Cost of Goods Sold 101,400 Selling Expense 37,000 General Expense 20,600 Total $352,300 $352,300