Review the account balances of Ma and Pa Grocery as of December 31, 2017

Requirements:

Prepare the Income Statement for the period ending December 31, 2017.

Calculate the gross profit % for the year.

Module 2 Assignment: Prepare the multi-step incnme statement for Ma and Pa Gmcery for the year ended 12/31/20xx Calculate the gross profit % for the year Sales Revenue Equipment Accounts Payable Sales Discounts Advertising Expanse Interest Expense Wages Payable Accounts Receivable Building Common Stock Sales returns and Allownaces Utilitics Expensc Invento Commission Expense Cost of goods sold Accumulated depreciation-equipment Unearned sales revenue Prepaid Rent Office salarics cxpensc Accumulated depreciation-building Rent Expense Dividends 322,800 104,000 16,500 2,200 12,600 1,700 1,500 6,900 140,000 35,000 6,700 10,300 16,400 22,300 158,400 26,400 2,500 1,200 52,000 40,500 5,800 14,000 7,800 87,600 1,300 5,700 37,000 600 retained eamings dielivery expense insurance expense mortgage payable(long term) Supplies