PB6-5 Preparing a Multistep Income Statement and Computing the Gross Profit Percentage [LO 6-6] [ The following information applies to the questions displayed below .]
PB6-5 Preparing a Multistep Income Statement and Computing the Gross Profit Percentage [LO 6-6] [ The following information applies to the questions displayed below .] Emily’s Greenhouse Corporation is a local greenhouse organized 10 years ago as a corporation. The bookkeeper prepared the following statement at year-end (assume that all amounts are correct, but note the incorrect format): EMILY’S GREENHOUSE CORPORATION Profit and Loss December 31 Debit Credit Net Sales $ 522,200 Cost of Goods Sold $ 323,000 Salaries and Wages Expense 69,000 Office Expenses 16,000 Travel Expenses 4,000 Income Tax Expense 33,060 Net Profit 77,140 Totals $ 522,200 $ 522,200 PB6-5 Part 2 Compute the gross profit percentage. (Round your answer to 1 decimal place.)
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