Presented below is the adjusted trial balance of Katie's Pet Supplies as at its fiscal year end, June 30, 2014. All accounts are their normal balance (debit or credit). Katie's uses the perpetual inventory system. Instructions
a. Prepare a single-step income statement.
b. Prepare a multiple-step income statement.
c. Calculate Katie's gross profit margin. Katie's gross profit margin for 2013 was 45%. Comment on the change in gross profit margin from the prior year.

Question

Presented below is the adjusted trial balance of Katie's Pet Supplies as at its fiscal year end, June 30, 2014. All accounts are their normal balance (debit or credit). Katie's uses the perpetual inventory system.  Instructions 
a. Prepare a single-step income statement.
b. Prepare a multiple-step income statement.
c. Calculate Katie's gross profit margin. Katie's gross profit margin for 2013 was 45%. Comment on the change in gross profit margin from the prior year.

Quizplus · Accepted Answer

The Answer of Presented below is the adjusted trial balance of Katie's Pet Supplies as at its fiscal year end, June 30, 2014. All accounts are their normal balance (debit or credit). Katie's uses the perpetual inventory system.  Instructions 
a. Prepare a single-step income statement.
b. Prepare a multiple-step income statement.
c. Calculate Katie's gross profit margin. Katie's gross profit margin for 2013 was 45%. Comment on the change in gross profit margin from the prior year.

Presented Below Is the Adjusted Trial Balance of Katie's Pet