The following information is available for Shawson Ltd. for calendar 2018: 
Instructions
a. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2018.
b. Calculate the gross profit margin and the profit margin for 2018.
Definitions:
Remedies
Legal means through which a right is enforced or the violation of a right is prevented, redressed, or compensated.
Defect
A flaw or imperfection in a product or system that causes it to be unsafe, ineffective, or fails to meet specified criteria.
Consigned Goods
Items that are given to a third party (consignee) to sell, where the original owner (consignor) retains ownership until the goods are sold.
Possession
The actual holding or control of property, whether owned or not.
Q2: The double-entry system of accounting refers to
Q3: A paid dividend<br>A) decreases assets and shareholders'
Q18: Bad Debts Expense is a contra account
Q48: Shareholders' equity can be described as claims
Q50: Blank cheques<br>A) should be safeguarded.<br>B) should be
Q53: The entry to record a sale of
Q64: Which of the following is the most
Q93: Management only needs to know how much
Q122: Jemima Ltd. purchased factory equipment for $200,000,
Q131: Equipment was purchased for $25,000. Freight charges