(L. OBJ. 5, 6) Preparing a multi-step income statement and calculating gross profit percentage [15—25 min]
The records of Number 1 Steak Company list the following selected accounts for the quarter ended June 30, 2011:
Requirements
1. Prepare a multi-step income statement.
2. M. Elwell, manager of the company, strives to earn gross profit percentage of at least 50% and net income percentage of 20%. Did Number 1 achieve these goals? Show your calculations.
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