Presented below is information for Lieu Co. for the month of January 2017.

Cost of goods sold $212,000 Rent expense $32,000

Freight-out 7,000 Sales discounts 8,000

Insurance expense 12,000 Sales returns and allowances 20,000

60,000 Sales revenue 370,000

Income tax expense 5,000 2,000

Prepare an income statement using the multi-step format.

Select a closing name for section one

Enter an income statement item $Enter a dollar amount

select between addition and deduction

:

Enter an income statement item$Enter a dollar amount

Enter an income statement itemEnter a dollar amount

Enter a subtotal of the two previous amounts

Select a closing name for section one

Enter a total amount for section one

Enter an income statement item Enter a dollar amount

Select a summarizing line for the first part

Enter a total amount for the first part

Select an opening name for section two

Enter an income statement itemEnter a dollar amount

Enter an income statement itemEnter a dollar amount

Enter an income statement itemEnter a dollar amount

Enter an income statement itemEnter a dollar amount

Select a closing name for section two

Enter a total amount for section two

Select a summarizing line for the second part

Enter a total amount for two parts

Enter an income statement item Enter a dollar amount

Select a closing name for this statement

Prepare a comprehensive income statement.

Select an opening name for this statement

$Enter a dollar amount

Enter an income statement item

Enter a dollar amount

Select a closing name for this statement

$

Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%.)

Profit margin %

Gross profit rate %