Y Stores Limited had the following account balances at December 31, 2021: $12,000 3,175 10,300 11,450 14,000 7,730 Rent…

Y Stores Limited had the following account balances at December 31, 2021: $12,000 3,175 10,300 11,450 14,000 7,730 Rent…

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Y Stores Limited had the following account balances at December 31, 2021: $12,000 3,175 10,300 11,450 14,000 7,730 Rent…
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Y Stores Limited had the following account balances at December 31, 2021:
$12,000
3,175
10,300
11,450
14,000
7,730
Rent expense
Repairs and maintenance expense
Sales discounts
Prepaid expenses
Cash received from debt
Freight expense
Income tax expense
Deferred revenue
Collections from customers on account
Insurance expense
Cost of goods sold
Sales returns and allowances
Sales revenue
Payments to suppliers on account
Office supplies expense
Travel and entertainment expense
Dividends, paid in cash
Contributions by owners
Advertising expense
REQUIRED –
12.145
8.750
38,725
1,800
138,453
15,500
268,700
42,610
6,125
3,180
12,500
17,500
26,570
Create a multiple step income statement and answer the following questions. You
do not have to hand in the income statement – it is rough work only.
What is total net sales for this company?
What is total gross profit for this company?
What is total operating expenses for this company?
What is net income for this company?
N
What is the company’s gross profit ratio, also called gross profit margin ratio?
Just enter the digits without decimals or punctuation. For example, if the answer is
63% it isn’t just enter 63 – do not enter 63%, .63, 0.63 or any other variation. Just
the digits.

Expert Answer:

Answer rating: 100% (QA)

Y Stores Limited Income Statement For the Year Ended December 31 2021 Sales revenue 268 700 Less Sal
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