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?