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

Refer to data Exercise E4-21A,

Requirements
1. Prepare Tesla Electrical Supply, Inc.'s multi-step income statement.
2. Calculate the gross profit percentage.
3. The gross profit percentage for 2015 was 53.3 percent. Did the gross profit percentage improve or deteriorate during 2016?

$ 6,450 46,500 5,800 35,000 10,000 24,500 1,450 950 135,000 Cost of Goods Sold . $123,700 Accumulated Depreciation, Equipment.. Unearned Revenues. Cash. Equipment. Accounts Payable. Common Stock. 13,700 2,350 275,000 5,100 Long-Term Notes Payable. General Expenses.. Salaries Payable. Supplies. Building.. Sales Returns and Sales Revenue.. Accounts Receivable. Accumulated Depreciation, Building. Mortgage Payable (Long-Term). Dividends. 38,000 25,900 Allowances. 3,400 1,750 750 45,000 1,500 37,000 Prepaid Rent. Interest Expense Retained Earnings. Sales Discounts Selling Expenses. Inventory.. 40,450 16,050