Use the data for Allied Electrical Supply, Inc., from E4-21A.

Requirements
1. Prepare Allied Electrical Supply€™s multi-step income statement.
2. Calculate the gross profit percentage.
3. The gross profit percentage for 2011 was 52.3%. Did the gross profit percentage improve or deteriorate during2012?

Transcribed Image Text:

Cash Equipment Accounts Payable Common Stock. Long-Term Notes Payable General Expense. Salaries Payab. Supplies Building Sales Returns and $ 4,200 Cost of Goods Sold... $126,300 11,200 Accumulated Depreciation 7,200 5,000 Sales Revenue. 3,500 Accumulated Depreciation 9,600 ..2,100 246,000 Equipment 50,000 Unearned Revenues... 5,100 1,100 Building 20,500 155,000 Mortgage Payable 43,500 75,000 3,700 38,000 11,900 (Long-Term) Allowances Prepaid Rent Interest Expense..6 Retained Earnings 2,300 Dividends 2,800 Sales Discounts 1,200 Selling Expenses 69,800 Inventory