Multi-step income statement Net Sales would be Income from Operations would be Accounts Payable Accounts Receivable Advertising Expense Cost of Goods Sold Salary Expense Utilities Expense Interest Expense Merchandise Inventory Rent Expense Unearned Revenue Sales Sales Discounts Sales Returns and Allow 14,000 12,000 10,000 100,000 25,000 10,000 5,000 30,000 20,000 6,000 220,000 11,000 19,000 Gross Profit would be Net Income would be Profit Rate The Net Profit Margin Ratio would be The Gross would be