Question: Computing and Interpreting the Gross Profit Percentage Using the information in problem below, calculate the gross profit percentage for 2010. Evaluate the company's performance as a benchmark.
Problem: Preparing a Multistep Income Statement Sell all Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31, 2010, fiscal year-end: Administrative Expenses, $2,400; Cost of Goods Sold, $22,728; Income Tax Expense, $3,000; Interest Expense, $1,600; Interest Revenue, $200; Operating 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.