Presented below is information for Lieu Co. for the month of January 2017.

Instructions
(a) Prepare an income statement using the format presented in Illustration 5-11.
(b) Prepare a comprehensive income statement.
(c) Calculate the profit margin and the gross profit rate.

Transcribed Image Text:

$212,000 Rent expense Cost of goods sold Freight-out Insurance expense Salaries and wages expense Income tax expense $32,000 8,000 2,000 Sales returns and allowances 20,000 370,000 7,000 Sales discounts 60,000 Sales revenue 5,000 Other comprehensive income (net of $400 tax) 2,000