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(Jitendra) Presented below is information for Kaila Company for the month of March 2017. Cost of goods sold $212,100 Rent expense $ 30,100 Freight-out 6,010

(Jitendra)

Presented below is information for Kaila Company for the month of March 2017.

Cost of goods sold $212,100 Rent expense $ 30,100
Freight-out 6,010 Sales discounts 7,010
Insurance expense 5,100 Sales returns and allowances 12,010
Salaries and wages expense 55,100 Sales revenue 385,000
Prepare a multiple-step income statement.
KAILA COMPANY Income Statement

For the Month Ended March 31, 2017For the Year Ended March 31, 2017March 31, 2017

DrawingsNet Income / (Loss)Owner's Capital, March 1Owner's Capital, March 31Sales RevenuesTotal RevenuesNet SalesGross Profit / (Loss)Operating ExpensesTotal Operating Expenses

$

AddLess

:

$

Drawings Net Income / (Loss) Owner's Capital, March 1 Owner's Capital, March 31 Sales Revenues Total Revenues Net Sales Gross Profit / (Loss) Operating Expenses Total Operating Expenses

DrawingsNet Income / (Loss)Owner's Capital, March 1Owner's Capital, March 31Sales RevenuesTotal RevenuesNet SalesGross Profit / (Loss)Operating ExpensesTotal Operating Expenses

DrawingsNet Income / (Loss)Owner's Capital, March 1Owner's Capital, March 31Sales RevenuesTotal RevenuesNet SalesGross Profit / (Loss)Operating ExpensesTotal Operating Expenses

Drawings Net Income / (Loss) Owner's Capital, March 1 Owner's Capital, March 31 Sales Revenues Total Revenues Net Sales Gross Profit / (Loss) Operating Expenses Total Operating Expenses

Drawings Net Income / (Loss) Owner's Capital, March 1 Owner's Capital, March 31 Sales Revenues Total Revenues Net Sales Gross Profit / (Loss) Operating Expenses Total Operating Expenses

$

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Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 25.20%.)
Gross profit rate

%

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