Prepare a multi$-$step income statement based on the $=-$djusted trial balance.

$($Always use cell references and formulas where appropriate to receive full credit. If you copy$/$paste from the

AdjustedTrialBalance tab or if you type numbers in$,$ you will be marked wrong.$)$

COUGAR MOUNTAIN SPORTS

Income Statement

Year Ended June $30,2024$

Total Selling Expenses

Administrative Expenses:

$27$ Total Administrative Expense

$28$ Total Operating Expenses

$29$ Operating Income

$30$ Other Income and $($Expenses$)$

$32$ Total Other Income and $($Expenses$)$

$33$ Income Before Income Tax Expense

GROSS PROFIT MARGIN PERCENTAGE

Compute the gross profit margin percentage. Format percentages to two decimal places $($e$.$g$.22\mathrm{.}74\%).$

$($Always use cell references and formulas where appropriate to receive full credit. If you copy$/$paste from the

AdjustedTrialBalance tabs or if you type numbers in$,$ you will be marked wrong. Use cell references from prior

D$31|$ Use parentheses or a minus sign for amounts to be subtracted. COUGAR MOUNTAIN SPORTS

Adjusted Trial Balance

June $30,2024$

Account Title

Cash

Accounts Receivable

Merchandise Inventory

Office Supplies

Prepaid Rent

Building

Accumulated Depreciation, Building

Equipment

Accumulated Depreciation, Equipment

Accounts Payable

Salaries Payable

Interest Payable

Refunds Payable

Notes Payable

Common Stock

Retained Earnings

Dividends

Sales Revenue

Cost of Goods Sold

Salaries Expense

Rent Expense

Utilities Expense

Depreciation Expense $-$ Building

Depreciation Expense $-$ Equipment

Advertising Expense

Interest Expense

Delivery Expense

Supplies Expense

Income Tax Expense

$\backslash$table$[[$Balance$],[$Debit$,$Credit$],[152,000,],[11,250,],[3,432,],[1,160,],[4,000,],[45,000,],[,2,800],[6,500,2,400],[,14,250],[,1,700],[,2,610],[,1,300],[,43,500],[,100,000],[3,200,],[,106,100],[26,390,],[14,300,],[24,000,],[5,500,],[1,400,],[1,200,],[2,225,],[2,610,],[450,],[940,],[11,903,],[317,460,317,460],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,]]$

Notes

#$1-30\%$ of the salaries is for the Administrative Offices.

#$2-20\%$ of the rent is for the Administrative Offices.

#$3-40\%$ of the utilities is for the Administrative Offices.

#$4-$ The Building houses the Administrative Offices.

#$5-$ The Equipment is categorized as selling.

#$6-50\%$ of the supplies is for the Administrative Offices.