32) Cinnamon, Spice & Everything Nice reported the following in its December 31 income statement. What was their gross profit? Sales revenue $405,000 Income tax expense $5,000 Selling expenses 111,000 Cost of goods sold 191,000 General expenses 51,000 Administrative expenses 41,000 a. $11,000 b. $294,000 c. $6,000 d. $214,000 33) Eggnog Specialties, Inc. income statement showed net sales of $24,000, cost of goods sold $13,680, and operating expenses of $4,400. What is their gross profit ratio? a. 57% b. 18% c. 43% d. 25% 34) What is the equation for calculating net sales? a. Net Sales Sales revenue - cost of goods sold b. Net Sales = Sales revenue - cost of goods sold-operating expenses - income taxes c. Net Sales = Sales revenue - sales returns - sales discounts - sales allowances-cost of goods sold d. Net Sales = Sales revenue - sales returns - sales discounts - sales allowances 35). Holiday Decorations, Inc. has the following balances on December 31, 2019 before any adjustment: Accounts Receivable $60,000: Allowance for Uncollectible Accounts $1,100 (credit). They estimate uncollectible accounts to be 15% of accounts receivable. What is the journal entry to record the adjustment for uncollectible accounts? a. Credit Bad Debt Expense $10,100; DebitAllowance for Uncollectible Accounts $10,100 b. Debit Bad Debt Expense $10,100; Credit Allowance for Uncollectible Accounts $10,100 c. Credit Bad Debt Expense $7,900; Debit Allowance for Uncollectible Accounts $7.900 d. Debit Bad Debt Expense $7,900; Credit Allowance for Uncollectible Accounts $7.900 36. On December 1, Twinkly Lights Corporation installs lights for the city of Corvallis in the downtown area for $3,000 on account. However, on December 10 it is discovered a small section was not decorated, and Twinkly Lights grants the city of Corvallis an allowance of $500 because of the problem. How much does Twinkly Lights Corporation expect to receive from the city of Corvallis when they pay? a. $3,000 b. $3,500 c. $2,500 d. $500