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Question 2) Parker Department Store is located near the Mark Twain Shopping Mall. At the end of the company's fiscal year on December 31, 2018,
Question 2) Parker Department Store is located near the Mark Twain Shopping Mall. At the end of the company's fiscal year on December 31, 2018, the foilowing accounts appeared in its adjusted trial balance. Accounts Payable Accumulated Depreciation-Buildings Accumulated Depreciation- Equipment Common Stock Depreciation Expense-Equipment Equipment Income Tax Expense Interest Revenue Inventory Mortgage Payable Maintenance and Repairs Expense Salaries and Wages Expense Salaries and Wages Payable Sales Discounts $ 73,300 52,500 42,600 144,000 23,400 122,000 17,700 7,000 43,000 Accounts Receivable Buildings Cash Cost of Goods Sold Dividends Loss on Disposal of Plant Assets Insurance Expense Interest Payable Land Prepaid Insurance Retained Earnings, Jan 1 Sales Revenue Sales Returns and Allowances Utilities Expense $ 43,500 252,000 77,700 399,000 27,000 4,300 8,400 2,000 50,000 9,400 31,300 666,600 8,800 11,000 6,200 111,000 18,500 9,900 Additional Data: $44,400 of the mortgage payable is due within the next year. The remaining portion will be paid after next year. Instructions (in color) A. Prepare a multiple-step income statement, a retained earnings statement, and a classified balance she B. Calculate the profit margin and the gross profit rate (make sure final answer is 2 decimals as a %)
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