1. The following reflects the sales and cost of goods sold of Prince Albert Company for the years 2020 and 2021: 2020 Net sales = $389,823, Cost of Goods Sold = $251,383 2021 Net sales = $469,439, Cost of Goods Sold = $280,536 a) Calculate the gross profit from sales for each year. (2 marks) b) Calculate the gross profit ratio for each year - show your calculations! (2 marks) c) In which year was the gross profit ratio worse for Prince Albert Company? (1 mark)2. You are hired to advise the owner of Regina Retail Company on how to properly record sales taxes for the sale and purchase of merchandise inventory. Assuming that the Saskatchewan sales tax rate is 6% and that federal GST rate =5%, record the following transactions: (4 marks) Mar 3 - purchased merchandise on account for $746 from supplier Venture Corp Mar 13 - sold merchandise on account for $3,229 to customer Sandpiper Services, with a cost of $1,5023. Kindersley Kitchen Supplies buys and sells merchandise for resale. The following are various transactions that happened during the month of March 2023. Provide all necessary journal entries to record the transactions, rounding all early-payment discount amounts to the nearest dollar. Show your calculations. (13 Marks) Mar 6 Sold $3,333 in goods to customer 14971313 Saskatchewan Ltd. on account, terms 1/10 n/30. The merchandise had a cost of $1,567. Mar 6 Kindersley Kitchen Supplies purchased $1,633 in merchandise from supplier WVS Enterprises. Terms 1/10, n/30. 14971313 Saskatchewan Led returned $533 of merchandise sold to them on Mar 8 Mar 6 for a full credit on account. The merchandise is resellable, and had a cost of $251. On the March 6 purchase, the company returned $163 of defective Mar 9 merchandise. Kindersley Kitchen Supplies received full payment for the March 6 order sold to Mar 10 14971313 Saskatchewan Led. Mar 10 The company paid the amount owing on their account with WVS Enterprises.4. With their year-end of March 31, 2023, fast approaching, Yorkton Supply Company wants to examine their financial performance. From the trial balance Information below, prepare a classified multistep Income statement (the company uses a perpetual Inventory system). (7 marks) Debit Credit Accounts Payable 2,400 Accounts Receivable Accumulated Depreciation, Building-Office 17,300 Accumulated Depreciation, Equipment-Store 9,600 Advertising Expense 14,900 Barbara Maxwell, Capital 198,300 Barbara Maxwell, Withdrawals 88, 700 Building - Office 144,500 Cash 7,700 Cost of Goods Sold 1,156,400 Depreciation Expense, Building-Office 5,800 Depreciation Expense, Equipment-Store 2.900 Equipment - Store 57,800 $ Insurance-Office Expense 3,500 5 Interest Expense 8,200 5 Interest Receivable Interest Revenue 24,100 Merchandise inventory 144,500 5 Notes Receivable 4,800 5 Prepaid Insurance 1,300 5 Prepaid Rent 6,900 5 Rent revenue 14,500 Rent-Store Expense 42,400 5 Sales 15 1,888, 700 Sales Discounts 1,200 5 Sales Returns & Allowances 6.700 $ Supplies-store Expense 4.800 $ Unearned Revenue 61 100 Utilities-Office Expense 10,800 5 Wages Payable 5 Wages-Marketing Expense 96,400 5 Wages-Office Expense 152,300 5 Wages-Store Expense 198.500 5 2.161 000 5 2,161,000