TB Problem $6-187($Algo$)$ The following is a listing of the income statement...

The following is a listing of the income statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial balance as of December $31.$

$\backslash$table$[[$Advertising Expense,$10,300],[$Cost of Goods Sold,$87,300],[$Delivery Expense,$4,500],[$Insurance Expense,$700],[$Income Tax Expense,$6,640],[$Rent Expense,$11,300],[$Interest Expense,$1,000],[$Sales Revenue,$160,000],[$Sales Discounts,$9,600],[$Sales Returns & Allowances,$18,700]]$

Required:

a$.$ Prepare a multistep income statement. Include all operating expenses in one line item called "Selling, General and Administrative Expenses" and all non$-$operating revenues$($expenses$)$ in one line item called "Other Revenue $($Expenses$),$ net".

b$.$ Compute the gross profit percentage.

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

Required $A$

Required B

Prepare a multistep income statement. Include all operating expenses in one line item called "Selling, General and Administrative Expenses" and all non$-$operating revenues$($expenses$)$ in one line item called "Other Revenue $($Expenses$),$ net".

$\backslash$table$[[$MULBERRY STREET SPORTSWEAR$],[$Income Statement,$],[,],[,],[,],[,],[,]]$