14) In 2020, Martin Company had net sales of $650,000 and cost of goods sold of $455,000 Operating expenses were $150,000, and interest expense was $10,000. Martin prepares a multiple-step income statement. Instructions (a) Compute Martin's gross profit (b) Compute the gross profit rate. (c) What is Martin's income from operations and net income? (d) | Martini prepared a single-step income statement, what amount would it report for net income? 15) The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2020: Accounts payable $ 17.000 Accounts receivable 13,000 Accumulated depreciation - equipment 26,000 Advertising expense 21,200 Unearned revenue 2,000 Cash 15,000 Owner's capital (1/1/20) 100.200 Owner's drawings 11,000 Depreciation expenso 12,000 Insurance expense 3,800 Note payable, due 6/30/21 72,000 Prepaid insurance (12-month policy) 7,200 Rent expense 16,000 Salaries and wages expense 32,000 Service revenue 135,000 Supplies 5,000 Supplies expense 6.000 Equipment 210,000 At what amount will the balance sheet balance at 12/31/20? (You must show all computations)