Presented below is some of the information from the Trial Balance for Security First for the month of March 2023.
Cash 139,250
Accounts Receivable 15,000
Supplies 2,100
Intangible Assets 1,500
Sales Returns and Allowances 15,000
Sales Discounts 9,300
Interest Expense 19,200
Depreciation Expense 9,000
Freight-Out 2,300
Advertising Expense 15,000
Cost of Goods Sold 102,000
Sales Revenue 215,000
Service Revenue 53,000
Salaries and Wages Expense 53,000
Utilities Expense 18,000
a. Please prepare a multiple-step income statement, in good form. Use spaces to demonstrate the proper format.
b. Calculate the gross profit rate. Round to two decimal places, show all work.