Presented below is information for Annie Company for the month of March 2018. $$\begin{array} { l r l r }
\text { Cost of goods sold } & \$ 245,000 & \text { Rent expense } & \$ 36,000 \
\text { Freight-out } & 7,000 & \text { Sales discounts } & 8,000 \
\text { Insurance expense } & 5,000 & \text { Sales returns and allowances } & 11,000 \
\text { Salaries and wages expense } & 63,000 & \text { Sales revenue } & 410,000
\end{array}$$ Instructions
(a) Prepare a multiple -step income statement.
(b) Compute the gross profit rate.

Question

Presented below is information for Annie Company for the month of March 2018. $$\begin{array} { l r l r } 
\text { Cost of goods sold } & \$ 245,000 & \text { Rent expense } & \$ 36,000 \
\text { Freight-out } & 7,000 & \text { Sales discounts } & 8,000 \
\text { Insurance expense } & 5,000 & \text { Sales returns and allowances } & 11,000 \
\text { Salaries and wages expense } & 63,000 & \text { Sales revenue } & 410,000
\end{array}$$ Instructions
(a) Prepare a multiple -step income statement.
(b) Compute the gross profit rate.

Quizplus · Accepted Answer

The Answer of Presented below is information for Annie Company for the month of March 2018. $$\begin{array} { l r l r } 
\text { Cost of goods sold } & \$ 245,000 & \text { Rent expense } & \$ 36,000 \
\text { Freight-out } & 7,000 & \text { Sales discounts } & 8,000 \
\text { Insurance expense } & 5,000 & \text { Sales returns and allowances } & 11,000 \
\text { Salaries and wages expense } & 63,000 & \text { Sales revenue } & 410,000
\end{array}$$ Instructions
(a) Prepare a multiple -step income statement.
(b) Compute the gross profit rate.

Presented Below Is Information for Annie Company for the Month