Question

ACCT 201 2878 Fall 2019 (1) Hussein Alhamadani | Homework: SLO Project Score: 0 of 10 pts 5 of 6 (0 complete) HWS P4-42A (similar to) Data Table The adjusted trial balance for Rick Racer, Inc., as of June 30, 2018, is presented next: E: (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare the multistep income statement for June for Rick Racer, Inc. Rick Racer, Inc. Trial Balance June 30, 2018 0 Requirements Credit Rick Racer, Inc. Income Statement For the Month Ended June 30, 2018 1. Prepare the multistep income statement for June for Rick Racer, Inc. 2. Calculate the gross profit percentage for June for Rick Racer, Inc. 3. What does Rick Racer, Inc.'s gross profit percentage mean? Debit 3,200 37,300 20,100 2,600 3,100 72,000 Print Done 12,300 Account Cash Accounts receivable Inventory Estimated inventory returns Supplies Equipment Accumulated depreciation, equipment Accounts payable Estimated refunds liability Unearned sales revenue Note payable, long-term Common stock Retained earnings Dividends Sales revenue Cost of goods sold Selling expense 4,900 2,100 2,800 28,000 30,000 71,200 Net income (loss) 64,000 230,000 121,900 37,000 19,800 General expense 300 Interest expense 381,300 $ 381,300 Total Choose from any list or enter any number in the input fields and then click Check Answer. Print Done 2 parts remaining Clear All Ches

Answer 1

2,30,000 Duck Down The Imiome Statusursat 1.400 then month enaked June 30, 2018 Porteulars Amment Amount Income from ortiuitics 2,30,000 hell: sales retours 2,30,000 he other Income. becoss Income (GI) cost of Goods sold 121,900 less: porculioll returns ress : Estimated enventory returns 2boo 119,300 Giross operating expenses (608) Gross profit (GI - GOE) 1,10,700 Rillidends 64,000 selling expenses 37,000 Gererol expenses 19,800 300 Interest expenses other expenses (06) met hoss (GP-OE) (10,400) 11, 21, 1Do borious profit percentage for Yune: Gross profit margin = gross profit gross Income] x 200 = (1,10,700 2,39000) x 100 = 48.13% doll Rick Race Ime, gross margin percentage means that each lor of sales revenue generates 48.13% of gross profil That is used to cover Indirect expenses and to generat met aureit