The Following Is a Listing of All of the Income

Essay

The following is a listing of all of the income statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial balance as of December 31.
$\begin{array}{lr}\text { Advertising Expense } & \$ 12,000 \\\text { Cost of Goods Sold } & 89,000 \\\text { Delivery Expense } & 6,000 \\\text { Insurance Expense } & 1,000 \\\text { Income Tax Expense } & 2,000 \\\text { Rent Expense } & 12,000 \\\text { Interest Expense } & 5,000 \\\text { Sales Revenue } & 160,000 \\\text { Sales Discounts } & 11,000 \\\text { Sales Returns \& Allowances } & 19,000\end{array}$ Required:
a.Prepare a multistep income statement.
b.Compute the gross profit percentage.