Rachel Rockstar Inc has the following listing of all of the income statement accounts as they appear
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Question:
Rachel Rockstar Inc has the following listing of all of the income statement accounts as they appear on the adjusted trial balance as of December 31.
Advertising Expense | $12,000 | ||
Cost of Goods Sold | 89,000 | ||
Delivery Expense | 6,000 | ||
Insurance Expense | 1,000 | ||
Income Tax Expense | 2,000 | ||
Rent Expense | 12,000 | ||
Interest Expense | 5,000 | ||
Sales Revenue | 160,000 | ||
Sales Discounts | 11,000 | ||
Sales Returns & Allowances | 19,000 | ||
Required:
- Prepare a multistep income statement.
- Compute the gross profit percentage.
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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