In 2018, Rondelli's Company Had Net Sales of $650,000 and Cost

Essay

In 2018, Rondelli's Company had net sales of $650,000 and cost of goods sold of $455,000. Operating expenses were $150,000, and interest expense was $10,000. Rondelli's prepares a multiple-step income statement.
Instructions
(a) Compute Rondelli's gross profit.
(b) Compute the gross profit rate.
(c) What is Rondelli's income from operations and net income?
(d) If Rondelli's prepared a single-step income statement, what amount would it report for net income?