Reference no: EM132822072
Z Stores Limited had the following account balances at December 31, 2021:
Rent expense$12,000
Repairs and maintenance expense3,175
Sales discounts10,300
Prepaid expenses11,450
Cash received from debt14,000
Freight expense7,730
Income tax expense12,145
Deferred revenue8,750
Collections from customers on account38,725
Insurance expense1,800
Cost of goods sold138,453
Sales returns and allowances15,500
Sales revenue268,700
Payments to suppliers on account42,610
Office supplies expense6,125
Travel and entertainment expense3,180
Dividends, paid in cash12,500
Contributions by owners17,500
Advertising expense26,570
Problem 1: What is the company's gross profit ratio, also called gross profit margin ratio?
Problem 2: If the company uses the multiple step income statement what is total operating expenses for this company?
Problem 3: If the company uses the multiple step income statement what is net income?
Problem 4: What is total net sales for this company?
Problem 5: If the company uses the multiple step income statement what is total gross profit for this company?