Explain the presentation of a multiple-step income statement. BE5.9 (LO.5), C Writing Explain where each of the following items would appear on a multiple-step income statement: gain on disposal of plant assets, cost of goods sold, depreciation expens sales returns and allowances. Compute net sales, gross profit, income from operations, and gross profit rate.

Waterway Company sells one product. Presented below is information for January for Waterway Company. Jan. 1 Inventory 119 units at $4 each 4 Sale 98 units at $8 each 11 Purchase 141 units at $6 each 13 Sale 111 units at $9 each 20 Purchase 160 units at $6 each 27 Sale 95 units at $11 each Waterway uses the FIFO cost flow assumption. All purchases and sales are on account.

How do you find the gross profit as a percent of sales and income from operations as a percent of sales?

which comes first when preparing a income statement? please put in order salaries expense cost of goods sold net income total expenses gross profit miscellsneous expense sales