Using the information in M6-16, calculate the gross profit percentage for 2013. How has Sellall performed, relative to the gross profit percentages reported for Walmart in the chapter?

M6-16

Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31, 2013, year-end: Administrative Expenses, $2,400; Cost of Goods Sold, $22,728; Income Tax Expense, $3,000; Interest Expense, $1,600; Interest Revenue, $200; General Expenses, $2,600; Sales Revenue, $42,000; Sales Discounts, $2,200; Sales Returns and Allowances, $1,920; and Delivery (freight-out) Expense, $300. Prepare a multistep income statement for distribution to external financial statement users, using a format similar to Exhibit 6.11.