The following is a listing of all of the income statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial

balance as of December $31.$

Required:

a$.$ Prepare a multistep income statement. Include all operating expenses in one line item called "Selling, General and Administrative

Expenses" and all non$-$operating revenues$($expenses$)$ in one line item called "Other Revenue $($Expenses$),$ net".

b$.$ Compute the gross profit percentage.

Complete this question by entering your answers in the tabs below.

Prepare a multistep income statement. Include all operating expenses in one line item called "Selling, General and

Administrative Expenses" and all non$-$operating revenues$($expenses$)$ in one line item called "Other Revenue $($Expenses$),$ net".

MULBERRY STREET SPORTSWEAR

Income Statement