The adjusted trial balance for Sparky’s Electrical Supply, Inc., as of November 30, 2010, is presented next:

Requirements 1. Prepare the multi-step income statement for November for Sparky’s Electrical Supply, Inc.
2. Calculate the gross profit percentage for November for Sparky’s Electrical Supply, Inc.
3. What does Sparky’s Electrical Supply Inc.’s gross profit percentage mean?

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Sparky's Electrical Supply, Inc. Trial Balance November 30, 2010 ACCOUNT Cash Accounts Receivable Inventory Supplies Equipment DEBIT CREDIT $ 15,000 37,300 18,500 900 68,000 Accumulated Depreciation, Equipment Accounts Payable Unearned Sales Revenue $ 8,000 12,900 5,300 Note Payable, Long-Term 15,000 Common Stock 10,000 Retained Earnings 73,300 Dividends 22,000 Sales Revenue 193,200 Sales Returns and Allowances 8,700 Sales Discounts 2,600 Cost of Goods Sold 103,400 Selling Expense 25,200 General Expense 16,100 Total $317,700 $317,700