The adjusted trial balance of McCoy Company included the following selected accounts:
_____________________________________Debit Credit
Sales Revenue........................................................................645,000
Sales Returns and Allowances.........................50,000
Cost of Goods Sold........................................396,000
Freight-Out........................................................2,000
Advertising Expense........................................15,000
Interest Expense...............................................19,000
Salaries and Wages Expense............................84,000
Utilities Expense..............................................23,000
Depreciation Expense........................................3,500
Interest Revenue.....................................................................25,000
Sales Discount....................................................9,500
Income Tax Expense........................................15,000
Use the above information to prepare a multi-step income statement for the year ended December 31, 2014.
Calculate the profit margin and gross profit rate