Use the data for Spark?s Electrical Supply, Inc., from E4-22A.

Requirements

1. Prepare Spark?s Electrical Supply, Inc.?s multistep income statement.

2. Calculate the gross profit percentage.

3. The gross profit percentage for 2017 was 53.8 percent. Did the gross profit percentage improve or deteriorate during 2018?

Transcribed Image Text:

Cost of Goods Sold . $123,700 Accumulated Depreciation, Equipment . Unearned Revenues. $ 6,450 48,800 5,800 Cash.. Equipment. Accounts Payable.. Common Stock. Long-Term Notes Payable.. General Expenses. Salaries Payable. Supplies. Building. Estimated Refund 13,700 2,350 271,600 5,100 35,000 10,000 24,500 Sales Revenue.... Accounts Receivable . Accumulated Depreciation, Building. Mortgage Payable (Long-Term) Dividends.. Estimated Inventory Returns.. Selling Expenses . Inventory.. 1,450 950 38,000 135,000 25,900 45,000 1,500 37,000 16,050 Liability Prepaid Rent. Interest Expense Retained Earnings. 2,300 1,750 750 40,450