E$5-8($Algo$)$ Preparing a Classified $($Multiple$-$Step$)$ Income Statement and Computing the Gross

Profit Percentage L$05-3$

The following data were taken from the records of Township Corporation at December $31$ of the current year:

Sales revenue

Gross profit

Selling $($distribution$)$ expense

Administrative expense

Pretax income

Income tax rate

Shares of stock outstanding

$$94,000$

$30,000$

$5,300$

$?$

$13,800$

$35\%$

$3,700$

Required:

Prepare a complete, classified $($multiple$-$step$)$ income statement for the company $($showing both gross profit and income

from operations$).$

What is the gross profit percentage?

Complete this question by entering your answers in the tabs below.

Prepare a complete classified $($multiple$-$step$)$ income statement for the company $($showing both gross profit and income from

operations$).$

Note: Round "Earnings per share" to $2$ decimal places.