multi step income statement

A B D E F G H 2 Noodles Unlimited, Inc, sells swimming pool toys. The following adjusted trial balance is for the year ended December 31, 3 Credits 4 5 6 7 8 9 10 11 12 13 Debits $37,500 28,600 43,300 2,000 69,000 Account Titles Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Fees Long-term Notes Payable Noodles, Capital Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense Depreciation Expense Rent Expense Interest Expense Loss on Sale of Equipment Totals $20,700 8,800 20,000 75,000 31,800 175,500 14 15 16 17 18 19 20 21 22 23 24 4,700 6,000 67,700 25,900 13,800 24,000 1,600 7,700 $331,800 $331,800 B. A 32 Income Statement 33 For the Year Ended December 31 34 35 Less: 36 37 38 Net Sales 39 40 Gross Profit 41 Expenses: 42 43 44 45 Income from Operations 46 Other Expenses and Losses 47 48 49 50 51 52 2. Compute the gross profit percentage. 53 54 Gross Profit Percentage