The following selected data was retrieved from the Wal-Mart, Inc. financial statements for the year ending January 31, 2013:
| Accounts Payable | $38,080 |
| Accounts Receivable | 6,768 |
| Cash | 7,781 |
| Common Stock | 3,952 |
| Cost of Goods Sold | 352,488 |
| Income Tax Expense | 7,981 |
| Interest Expenses | 2,064 |
| Membership Revenues | 3,048 |
| Net Sales | 466,114 |
| Operating, Selling and Administrative Expenses | 88,873 |
| Retained Earnings | 72,978 |
Required:
Using the information provided above:
1. Prepare a multiple-step income statement
2. Calculate the Profit Margin, and Gross profit rate for the company. Be sure to provide the formula you are using, show your calculations, and discuss your findings/results
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