Presented below is information for Lieu Co. for the month of January 2022. 

Instructions 

a. Prepare an income statement using the format presented in Illustration 5.12.

b. Prepare a comprehensive income statement. 

c. Calculate the profit margin and the gross profit rate

Transcribed Image Text:

Cost of goods sold Freight-out Insurance expense Salaries and wages expense Rent expense Sales discounts Sales returns and allowances Sales revenue Other comprehensive income (net of $400 tax) $212,000 7,000 12,000 60,000 5,000 $ 32,000 8,000 20,000 370,000 Income tax expense 2,000