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5 Prepare classified income statement and compute the ratios based on the information provided below ( 22 marks) SalesPurchasesRentExpenseSalesCommissionsExpenseFreightInPurchaseDiscountsDepriciationExpense-OfficeEquipmentDepriciationExpense-5toreEquipmentUtilitiesExpenseOfficeSalariesExpenseInterestExpenseInterestIncomeCurrentAssetsCutrentliabilitiesAccountsRieceivable,begining$265,500$50,000$37,000$4,200$1,500$600$3,200$5,800$8,000$26,800$640$1,150$286,000$255,000$146,000 Compute in classified income statement. 1

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5 Prepare classified income statement and compute the ratios based on the information provided below ( 22 marks) SalesPurchasesRentExpenseSalesCommissionsExpenseFreightInPurchaseDiscountsDepriciationExpense-OfficeEquipmentDepriciationExpense-5toreEquipmentUtilitiesExpenseOfficeSalariesExpenseInterestExpenseInterestIncomeCurrentAssetsCutrentliabilitiesAccountsRieceivable,begining$265,500$50,000$37,000$4,200$1,500$600$3,200$5,800$8,000$26,800$640$1,150$286,000$255,000$146,000 Compute in classified income statement. 1 Net Sales 2 Cost of Goods sold 3 Gross Profit 4 Operating Expenses 5 Net Income from Operations 6 . Other income, net 7 Net Income for the year Compute ratios 1 Gross profit Percentage 2 inventory Turnover 3 Working Capital 4. Current Ratio 5 Accounts Receivable Turnover

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