The adjusted trial balance for Sparky€™s Electrical Supply, Inc. as of November 30, 2013, is presented next:

Requirements
1. Prepare the multi-step income statement for November for Sparky€™s Electrical Supply, Inc.
2. Calculate the gross profit percentage for November for Sparky€™s Electrical Supply, Inc.
3. What does Sparky€™s Electrical Supply Inc.€™s gross profit percentage mean?

Transcribed Image Text:

Sparky's Electrical Supply, Inc Trial Balance November 30, 2013 ACCOUNT Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Unearned Sales Revenue Note Payable, Long-Terrm Common Shares Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Selling Expense General Expense Total DEBIT CREDIT 15,000 37,300 18,500 900 68,000 $ 8,000 12,900 5,300 15,000 10,000 73,300 22,000 193,200 8,700 2,600 103,400 25,200 16,100 $317,700 $317.700