3. PA11. 6.6 The following is the adjusted trial balance data for Emma’s Alterations as of...

3. PA11. 6.6 The following is the adjusted trial balance data for Emma’s Alterations as of December 31, 2019. DEBIT CREDIT Cash dr.600,538 Accounts Receivable dr.50,689 Equipment dr.199,430 Merchandise Inventory dr. 169,744 Accounts Payable cr. 234,893 Common Stock cr. 502,200 Sales cr. 393.426 Interest Revenue cr. 100,976 Rent Revenue cr.65,500 Sales Salaries Expense dr. 26,750 Office Supplies Expense dr. 4,903 Sales Discount dr. 61,347 Interest Expense dr. 55,432 Sales Returns and Allowances dr. 55,432 Cost of Goods Sold dr. 90,333 Rent Expense dr. 10,400 Depreciation Expense: Office Equipment dr. 8,560 Insurance Expense dr.3,421 Advertising Expense 11,878 Totals dr. 1,296,995 cr. 1,296,995 A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth). D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.

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ekkarill92 answered 1 year ago

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