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AP4-9A (Statement of income presentation) You have been provided with the following account balances for Webber Ltd. for the years ended November 30, 2020, and
AP4-9A (Statement of income presentation) You have been provided with the following account balances for Webber Ltd. for the years ended November 30, 2020, and 2021: 2021 2020 Advertising expense Cost of goods sold General and administrative expenses Income tax expense Interest revenue Rent expense Sales revenue Utilities expense Wages expense $ 310,000 $ 320,000 1,764,000 1,456,000 112,000 105,000 82,000 102,000 5,200 6,100 36,000 27,000 3,150,000 2,800,000 88,000 76,000 504,000 492,000 Required a. Prepare a multi-step, comparative statement of income for Webber for 2020 and 2021. b. Determine Webber's gross margin percentage for each year. In which year was Webber more successful in this area? c. Did the year with the superior gross margin percentage also have the largest net income? Explain why this may or may not be the case
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