The balance sheet accounts and all of the income statement

written by - Comments off

The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Mulberry Street Sportswear as they appear on the 12/31/11 adjusted trial balance.

Accounts Payable 10,000

Accounts Receivable 11,000

Advertising Expense 12,000

Cost of Goods Sold 89,000

Delivery Expense 6,000

Insurance Expense 1,000

Interest Expense 2,000

Merchandise Inventory 20,000

Rent Expense 12,000

Sales 160,000

Sale Discounts 11,000

Sale R & A 19,000

Unearned Revenue 2,000

Required:

A) Prepare a multi-step income statement for 2011 for Mulberry Street Sportswear.

B) Compute the Gross Profit Percentage for 2011 for Mulberry Street Sportswear.

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