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For part A,B,C utilize the following information: The following information is available for Gorgoth Company:...

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Accounting

For part A,B,C utilize the following information: The following information is available for Gorgoth Company:

Sales revenue Sales returns

Sales allowances Cost of goods sold Operating expenses Interest expense Interest revenue

$678,000 40,000 20,000 408,000 112,000 18,000 22,000

A. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2022.

B. Compute the gross profit margin.

C. Compute Net Income as a Percentage of Gross Sales.

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