Presented below is information for Zales Company for the month of January 2014. 
Instructions
(a) Prepare a multiple-step income statement.
(b) Calculate the profit margin and the gross profit rate.
Definitions:
Price Level
The current pricing average for every produced good and service within the economy.
Money Demand Curve
A graph showing the relationship between the interest rate and the total amount of money that consumers and businesses wish to hold at any given time.
Nominal Variable
A variable measured in terms of money that has not been adjusted for inflation, reflecting the current price level.
Real Variable
An economic measure that has been adjusted for changes in price level, enabling comparison of quantities across different times.
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