The following selected data was retrieved from the Walmart, Inc. financial statments for the year ending january 31, 2013:
Accounts payable $38080
Acounts receivable $6768
Cash $7781
Common Stock $3952
Cost of goods sold $352488
Income tax expense $7981
Interest expenses $2064
mempership revenues $3048
Net sales $466114
Operating, selling and admin expenses $88873
Retained earnings $72978
Required:
1. Prepare a multiple-step income statement
2. Calculate the profit margin, and gross profit rate for the company. Be sure to the provide the formula you are using, show your calculations, and discuss your findings/results