Attempt 1 of 1 co ACC 113 Project 1A Stephanie Ram Corporation's Income Statement for the year ended March 31, 2016, and its Comparative Balance Sheets as of March 31, 2016 and 2015 are as follows: Stephanie Ram Corporation Income Statement For the Year Ended March 31, 2016 Sales Cost of goods sold Gross margin Operating expenses $1,926,500 1,431,300 $495,200 Salaries expense $127,000 49,400 271,200 Depreciation expense All other operating expense Total operating expense Income from operations 447,600 47,600 ecincome/(expenses Gain on sale of equipment $6,000 (23,800) (17,800) $29,800 4,600 $25,200 Interest expense Income before income taxes Income taxes expense Net income Stephanie Ram Corporation Comparative Balance Sheets March 31, 2016 and 2015 2016 2015 Assets Cash Accounts receivable (net) Merchandise inventory $201,600 173,600 328,000 4,000 148,000 $55,000 208,000 438,000 3,000 144,000 Q1 Prepaid rent Equipment