The following data were provided by Mystery Incorporated for the year ended December 31:

Cost of Goods Sold $ 164,000
Income Tax Expense 17,470
Merchandise Sales (gross revenue) for Cash 238,000
Merchandise Sales (gross revenue) on Credit 41,600
Office Expenses 18,900
Sales Returns and Allowances 6,990
Salaries and Wages Expense 39,800

Required:
1. Prepare a multistep income statement for internal reporting purposes.
What was the amount of gross profit?
2. What was the gross profit percentage? (Round your answer to 1 decimal place.)

1. list five staple convenience goods that you or your household buys on a regular basis. (you do not need to use complete sentences. 2.5 points) 2. list three impulse convenience goods that you or someone you know has purchased. (you do not need to use complete sentences. 2.5 points) 3. describe a shopping good that you or someone you know purchased. what kind of research did you or that person do before buying the product? (1-5 sentences. 3.0 points) 4. choose an example of a company you could start, and decide which business structure would make the most sense for that type of company (sole proprietorship, partnership, llc, c corporation, s corporation, or nonprofit corporation). explain why this structure would be good for this type of company. give at least 3 reasons. (3-6 sentences. 6.0 points) 5. if you were starting a new business, describe at least three departments to the company that you would need right away. why are these departments so important? (1-5 sentences. 3.0 points) 6. describe a product that you think has saturated its market. what makes you think it has saturated its market? (1-5 sentences. 3.0 points)