The following selected data was retrieved from the Wal-Mart, Inc. financial statements for the year ending January

(TCO B) 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 Receivable6,768

Cash7,781

Common Stock3,952

Cost of Goods Sold352,488

Income Tax Expense7,981

Interest Expenses2,064

Membership Revenues3,048

Net Sales466,114

Operating, Selling and Administrative Expenses88,873

Retained Earnings72,978

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.