TCO B) The following selected data was retrieved from the Walmart, 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

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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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