2-c. Which of the followings) is true? (Select all that apply.) The gross profit percentage is the average amount of gross profit earned on each dollar of net purchase. The gross profit is cost of goods sold minus net sales revenue The gross profit is net sales revenue minus cost of goods sold The gross profit percentage is the average amount of gross profit earned on each dollar of net sales 3. Did the gross profit percentage in the current year Improve, or decline, relative to the 46 percent gross profit percentage in the prior year? There is in the gross profit percentage when compared to 48% in the previous year. The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The bank statement for May 1 and the May T-account for cash showed the transactions listed below. Martin Company's bank reconciliation at the end of April showed a cash balance of $19,400. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Withdrawals Deposits Balance, May 1 May May 5 $ 8,680 # 301 $11.688 # 382 5,700 10,000 # 383560 Balance $19,480 28.688 16,488 19.788 20,700 20, 140 2e, 266 19.926 14,726 14.668 14,660 May 7 May 8 May 14 May 17-Interest Earned May 22-NSF cheque May 30 May 31-Service charges Balance, May 31 126 # 384 348 5,280 + Cash (A) - Balance May 1 May 1 May 7 May 29 19.480 8.688 18,888 4,6ee 11.689 5.789 562 5,280 1,360 May 02 301 May 04 302 May 11 383 May 30 304 May 29 8305 May 31 Balance 18. 180 Required: 1. Prepare a bank reconciliation for May MARTIN COMPANY Bank Reconciliation At May 31 Company's Books Ending balance per Cash account Additions Bank Statement Ending balance per bank statement Additions: Deductions: Deductions Up-to-date cash balance Up-to-date cash balance