Presented below is information for obley company for the, Ask an Expert

Accounting

presented below is information for Obley Company for the year ended March 31, 2010.

Cost of goods sold $212,000 Rent Expense $32,000
Freight-out $7,000 Sales Discounts $8,000
Insurance Expense $12,000 Sales returns/allowances $13,000
Salery Expense $58,000 Sales $370,000

(a) Prepare a multiple-step income statement.

(b) Compute the gross profit rate.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M966699

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