Problem: The following is a listing of some of the balance sheet accounts and all of the income…

Problem:
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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