The adjusted trial balance for CED Electric, Inc. as of June 30, 2013, is presented next:

Requirements
1. Prepare the multi-step income statement for June for CED Electric, Inc.
2. Calculate the gross profit percentage for June for CED Electric, Inc.
3. What does CED Electric Inc.€™s gross profit percentage mean?

Transcribed Image Text:

CED Electric, Inc Trial Balance June 30, 2013 ACCOUNT Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Unearned Sales Revenue Note Payable, Long-Term Common Shares Retained Earnings Dividends Sales Revenues Sales Returns and Allowances Sales Discount Cost of Goods Sold Selling Expense General Expense Total DEBIT CREDIT S 13,600 32,600 19,600 2,600 69,000 13,700 5,100 2,800 40,000 25,000 68,200 48,000 197,500 4,800 3,100 101,400 37,000 20,600 $352,300 $352,300