Presented below is information for Cullumber Co. for the month of January 2022.
Cost of...
Business, 28.02.2020 02:25, ImGoodAtLife7797
Presented below is information for Cullumber Co. for the month of January 2022.
Cost of goods sold $201,500 Rent expense $33,900
Freight-out 6,300 Sales discounts 10,000
Insurance expense 13,400 Sales returns and allowances 17,000
Salaries and wages expense 61,200 Sales revenue 400,000
Income tax expense 5,300 Other comprehensive income (net of $400 tax) 2000
a. Prepare an income statement using the multi-step format.
b. Prepare a comprehensive income statement.
c. Calculate the profit margin and the gross profit rate.
Answers: 3
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