The adjusted trial balance of McCoy Company included the following selected accounts:

Debit Credit

Sales Revenue 645,000

Sales Returns and Allowances 50,000

Cost of Goods Sold 396,000

Freight-Out 2,000

Advertising Expense 15,000

Interest Expense 19,000

Salaries and Wages Expense 84,000

Utilities Expense 23,000

Depreciation Expense 3,500

Interest Revenue 25,000

Sales Discount 9,500

Income Tax Expense 15,000

Use the above information to prepare a multi-step income statement for the year ended December 31, 2014.

Calculate the profit margin and gross profit rate