Requirement 1. Prepare the multistep income statement for for , Inc.

SS Data Table bald Rick Racer, Inc. Trial Balance nes June 30, 2018 Eace Account Debit Credit sta Cash $ 5,800 nde 30,100 Accounts receivable Inventory Estimated inventory returns Supplies Equipment Accumulated depreciation, equipment Accounts payable 20,100 3,200 2,400 76,000 $ 13,700 7,900 Print Done im Data Table C., bald 2.000 2,400 50,000 50,000 mes Race 28,850 esta Estimated refunds liability Unearned sales revenue Note payable, long-term Common stock Retained earnings Dividends Sales revenue Cost of goods sold Selling expense General expense 75,000 Endel 270,000 140,400 55,400 16,100 350 Interest expense Total $ 424,850 $ 424,850 Print Done The adjusted trial balance for Rick Racer, Inc., as of June 30, 2018, is presented next: (Click the icon to view the adjusted trial balance.) Read the requirements. Rick Racer, Inc. Income Statement For the Month Ended June 30, 2018 Cash 5,800 30,100 Accounts receivable Sales revenue Net income (loss) Requirement 2. Calculate the gross profit percentage for June for Rick Racer, Inc. Start by determining the formula, then complete the calculation to determine gross profit percentage for the month. (Enter your answer as a percent rounded to the nearest tenth of a percent, X.X%.) Gross profit percentage / % Requirement 3. What does Rick Racer, Inc.'s gross profit percentage mean? (Enter the amount to one decimal place, X.X.) Rick Racer, Inc.'s gross margin percentage means that each dollar of generates cents of that is used to cover and to generate