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The following data were provided by Mystery Incorporated for the year ended December 31:

Cost of Goods Sold $ 164,000
Income Tax Expense 17,470
Merchandise Sales (gross revenue) for Cash 238,000
Merchandise Sales (gross revenue) on Credit 41,600
Office Expenses 18,900
Sales Returns and Allowances 6,990
Salaries and Wages Expense 39,800

Required:
1. Prepare a multistep income statement for internal reporting purposes.
What was the amount of gross profit?
2. What was the gross profit percentage? (Round your answer to 1 decimal place.)

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akiran007

Answer:

Mystery Incorporation

Multi step Income Statement

For the year ended December 31

Merchandise Sales (gross revenue) for Cash 238,000

Merchandise Sales (gross revenue) on Credit 41,600

Less Sales Returns and Allowances 6,990

Net Sales                                                              $ 272,610                    

Less Cost of Goods Sold                                    $ 164,000

Gross Profit                                                          $ 108,610

Less Salaries and Wages Expense     39,800

Office Expenses                                   + 18,900 =      58,700

Income Before Tax                                                  49,910  

Less Income Tax Expense                                      17,470

Net Income                                                               32,440

Gross Profit Percentage = Gross Profit / Sales *100

Gross Profit Percentage = $ 108,610/ $ 272,610 *100= 39.840= 39.8%      

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