(Answered) Question - in 2008 walter payton company had net sales of

Accounting

Question - In 2008, Walter Payton Company had net sales of $900,000 and cost of goods sold of $540,000. Operating expenses were $230,000, and interest expense was $11,000. Payton prepares a multiple-step income statement.

a. Compute Payton's gross profit.

b. Compute the gross profit rate. (Round answer to 0 decimal places, e.g. 125.)

c. What is Payton's income from operations and net income?

d. If Payton prepared a single-step income statement, what amount would it report for net income?

e. In what section of its classified balance sheet should Payton report merchandise inventory?

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