In 2018, Rondelli Company had net sales of $650,000 and cost of goods sold of $455,000. Operating expenses were $150,000, and interest expense was $10,000. Rondelli prepares a multiple-step income statement.

compute the gross profit rate:

Gross profit rate _______ %

What is Rondellis income from operations and net income?

Income from operations $ ______

Net income $______

If Rondelli prepared a single-step income statement, what amount would it report for net income?

Net income $_____