# Presented below is information for Obley Company for the year ended March 31, 2010. 1 answer below »

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Presented below is information for Obley Company for the year ended March 31, 2010. 1 answer below » Presented below is information for Obley Company for the year ended March 31, 2010. Cost of goods sold \$212,000 Rent expense \$32,000 Freight-out 7,000 Sales
discounts 8,000 Insurance expense 12,000 Sales returns and allowances 13,000 Salary expense 58,000 Sales 370,000 Instructions (a) Prepare a multiple-step income
statement. (List amounts from largest to smallest eg 10, 5, 3, 2.) OBLEY COMPANY Income Statement For the Year Ended March 31, 2010 Sales revenues \$ Less: \$ Net
sales Gross profit Operating expenses Total operating expenses Net income \$ (b) Compute the gross profit rate. (Round View complete question » Presented below is information for Obley Company for the year ended March 31, 2010. Cost of goods sold \$212,000 Rent expense \$32,000 Freight-out 7,000 Sales
discounts 8,000 Insurance expense 12,000 Sales returns and allowances 13,000 Salary expense 58,000 Sales 370,000 Instructions (a) Prepare a multiple-step income
statement. (List amounts from largest to smallest eg 10, 5, 3, 2.) OBLEY COMPANY Income Statement For the Year Ended March 31, 2010 Sales revenues \$ Less: \$ Net
sales Gross profit Operating expenses Total operating expenses Net income \$ (b) Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 10.50.) %
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