Use the data for Great Gadget, Inc., from 4-32B. Requirements 1. Prepare Great Gadgets multi-step income statement.
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Use the data for Great Gadget, Inc., from 4-32B.
Requirements 1. Prepare Great Gadget’s multi-step income statement.
2. Calculate the gross profit percentage.
3. The gross profit percentage for 2009 was 52.3%. Did the gross profit percent¬ age improve or deteriorate during 2010?
4-32
The account balances for Great Gadget, Inc., for the year ended December 31, 2010, are presented next in random order:
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