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The adjusted trial balance of Crane Company included the following selected accounts: Debit Credit Sales Revenue $659.000 $60,000 Sales Returns and Allowances Sales Discounts 10,000
The adjusted trial balance of Crane Company included the following selected accounts: Debit Credit Sales Revenue $659.000 $60,000 Sales Returns and Allowances Sales Discounts 10,000 Cost of Goods Sold 394,000 Freight-Out 2,800 Advertising Expense 10,600 Interest Expense 24.000 Salaries and Wages Expense 82.000 Utilities Expense 23,000 Depreciation Expense 3.700 Interest Revenue 26,300 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2022. (List other revenues before other expenses.) CRANE COMPANY Income Statement $ $ eTextbook and Media List of Accounts Calculate the profit margin and gross profit rate. (Round answers to 1 decimal places, eg. 15.2%.) Profit margin % Gross profit rate
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