The following selected data was retrieved from the Wal-Mart, Inc. financial statements for the year ending January 31, 2013: 

Accounts Payable $38,080 

Accounts Receivable 6,768 

Cash 7,781 

Common Stock 3,952 

Cost of Goods Sold 352,488 

Income Tax Expense 7,981 

Interest Expenses 2,064 

Membership Revenues 3,048 

Net Sales 466,114 

Operating, Selling and Administrative Expenses 88,873 

Retained Earnings 72,978

 Required: 

Using the information provided above: 

1. Prepare a multiple-step income statement 

2. Calculate the Profit Margin, and Gross profit rate for the company. Be sure to provide the formula you are using, show your calculations, and discuss your findings/results.

Answer rating: 100% (QA)

INCOME STATEMENT Net Sales 466114 LESS Cost of Goods ... View the full answer