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Posted on Jun 26, 2024

Presented below is information for Annie Company for the month of March 2018. Cost of goodssold$245,000Rentexpense$36,000 Freight-out7,000Salesdiscounts8,000 Insuranceexpense5,000Sales returns andallowances11,000 Salaries and wagesexpense63,000Salesrevenue410,000 Instructions (a)Prepare

Presented below is information for Annie Company for the month of March 2018.

Cost of goodssold$245,000Rentexpense$36,000

Freight-out7,000Salesdiscounts8,000

Insuranceexpense5,000Sales returns andallowances11,000

Salaries and wagesexpense63,000Salesrevenue410,000

Instructions

(a)Prepare multiple -step income statement.

(b)Compute the gross profit rate.

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