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Business, 13.03.2020 02:08 Cheyenne7327

The following data were provided by Mystery Incorporated for the year ended December 31:

Cost of Goods Sold $ 164,000
Income Tax Expense 17,470
Merchandise Sales (gross revenue) for Cash 238,000
Merchandise Sales (gross revenue) on Credit 41,600
Office Expenses 18,900
Sales Returns and Allowances 6,990
Salaries and Wages Expense 39,800

Required:
1. Prepare a multistep income statement for internal reporting purposes.
What was the amount of gross profit?
2. What was the gross profit percentage? (Round your answer to 1 decimal place.)

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Answers: 2

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The following data were provided by Mystery Incorporated for the year ended December 31:

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