The Following Information Is Available for Quayle Company Instructions
1

Essay

The following information is available for Quayle Company: $$\begin{array} { l r } \text { Sales revenue } & \$ 618,000 \\\text { Sales returns and allowances } & 20,000 \\\text { Cost of goods sold } & 398,000 \\\text { Operating expenses } & 114,000 \\\text { Interest expense } & 19,000 \\\text { Interest revenue } & 20,000\end{array}$$ Instructions
1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2014.
2. Compute the profit margin.