Prepare an income statement using the formal presented on page 245 assume Calculate the profit margin and the gross profit rate. Parker Department Store is located near the Mark Twain Shopping Mall. At the end of the company's fiscal year on December 31, 2017, the following accounts appeared in its adjusted trial balance. $20,000 of the mortgage payable is due for payment next year. Prepare a multiple-step income statement, a retained earnings statement, and a classified balance sheet. Calculate the profit margin and the gross profit rate