Following is the adjusted trial balance data for Garage Parts Unlimited as of December 31, 2019.

A. Use the data provided to compute net sales for 2019.
B. Compute the gross margin or 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.

Transcribed Image Text:

Cash Accounts Receivable Equipment Merchandise Inventory Accounts Payable Common Stock Sales Interest Revenue Rent Revenue Sales Salaries Expense Office Supplies Expense Sales Discounts GARAGE PARTS UNLIMITED Adjusted Trial Balance Year Ended December 31, 2019 Debit Interest Expense Sales Returns and Allowances Cost of Goods Sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals $ 624,500 100,233 465,099 277,340 29,878 5,942 112,431 9,560 162,312 208,016 19,191 8,657 10,234 22,389 $2,055,782 Credit $ 287,693 564,500 885,244 216,745 101,600 $2,055,782