0 Required information Exercise 6-16A Calculate levels of profitability for a multiple-step income statement and the gross profit ratio (LO6-2, 6-7) The following information applies to the questions displayed below) Below are amounts found in the income statements of three companies. Company Henry Grace James Sales Revenge $38,000 41,000 46,000 Cost of Goods Sold $13,300 27,880 27,600 Operating Expenses $ 5,300 13,400 3,300 Non-operating Expenses $2,300 7,300 0 Income Tax Expense $2,300 0 3,300 Exercise 6-16A Part 1 Required: 1. For each company, calculate () gross profit, (b) operating income. (c) Income before income taxes, and (d) net income. (Negative amounts should be indicated by a minus sign.) Operating Income Income Before Income taxes Net Income! LOSS Henry Grace James Gross Profit $ 24,700 13,120 18,400 Exercise 6-16A Part 2 2-a. For each company, calculate the gross profit ratio. Gross Profit Ratio Henry = Grace James 11