Question

Jan Supplies Inc. had the following account balances at December 31, 2021: Sales returns and allowances...

Jan Supplies Inc. had the following account balances at December 31, 2021:

Sales returns and allowances $9,775
Payments to suppliers on account 48,363
Travel and entertainment expense 3,545
Contributions by owners 16,000
Dividends, paid in cash 10,000
Sales revenue 154,400
Cost of goods sold 81,597
Insurance expense 3,500
Office supplies expense 2,260
Deferred revenue 12,350
Advertising expense 10,507
Repairs and maintenance expense 6,745
Cash received from debt 12,000
Collections from customers on account 51,318
Freight expense 6,050
Income tax expense 5,532
Rent expense 7,500
Sales discounts 6,325
Prepaid expenses 7,845

Create a multiple step income statement and answer the following questions.

If the company uses the multiple step income statement what is net income?

If the company uses the multiple step income statement what is total operating expenses for this company?

What is the company's gross profit ratio, also called gross profit margin ratio?

If the company uses the multiple step income statement what is total gross profit for this company?

What is total net sales for this company?

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