\begin{tabular}{|c|c|c|c|c|} \hline Account Description & Debit & Credit & \begin{tabular}{c} Asset, Lab, \\ Rev, Exp, \\ other \end{tabular} & \begin{tabular}{c} I/S or \\ B/S \end{tabular} \\ \hline Depreciation Expense - Store Equipment & 16,000 & & & \\ \hline Cash & $22,000 & & & \\ \hline Sales Returns \& Allowances & 3,500 & & & \\ \hline Wages \& Salary Expense & 50,000 & & & \\ \hline Accounts Receivable & 9,750 & & & \\ \hline Advertising Expense & 10,000 & & & \\ \hline Prepaid Insurance & 13,000 & & & \\ \hline Rent Expense & 30,000 & & & \\ \hline Prepaid Rent & 2,340 & & & \\ \hline Store Equipment & 111,000 & & & \\ \hline Accounts Payable & & 35,600 & & \\ \hline Research \& Development Expense & 42,000 & & & \\ \hline Salaries Payable & & 340 & & \\ \hline Cost of Goods Sold & 96,000 & & & \\ \hline Long-term Notes Payable & & 7,250 & & \\ \hline Retained Earnings & & 28,400 & & \\ \hline Dividends & 31,000 & & & \\ \hline Sales & & 345,000 & & \\ \hline Teaching Supplies & 3,000 & & & \\ \hline Income Tax Expense & 25,000 & & & \\ \hline Accumulated Depreciation,Store Equipment & & 52,000 & & \\ \hline Utilities Expense & 8,000 & & & \\ \hline Common Stock & & 16,000 & & \\ \hline Interest Expense & 12,000 & & & \\ \hline & $484,590 & $484,590 & & \\ \hline \end{tabular} 176 points Calculate Total Operating Expenses Type your answer.. \begin{tabular}{|c|c|c|c|c|} \hline Account Description & Debit & Credit & \begin{tabular}{c} Asset, Liab, \\ Rev, Exp, \\ other \end{tabular} & \begin{tabular}{c} I/S or \\ B/S \end{tabular} \\ \hline Depreciation Expense - Store Equipment & 16,000 & & & \\ \hline Cash & $22,000 & & & \\ \hline Sales Returns \& Allowances & 3,500 & & & \\ \hline Wages \& Salary Expense & 50,000 & & & \\ \hline Accounts Receivable & 9,750 & ( & & \\ \hline Advertising Expense & 10,000 & & & \\ \hline Prepaid Insurance & 13,000 & & & \\ \hline Rent Expense & 30,000 & & & \\ \hline Prepaid Rent & 2,340 & & & \\ \hline Store Equipment & 111,000 & & & \\ \hline Accounts Payable & & 35,600 & & \\ \hline Research \& Development Expense & 42,000 & & & \\ \hline Salaries Payable & & 340 & & \\ \hline Cost of Goods Sold & 96,000 & & & \\ \hline Long-term Notes Payable & & 7,250 & & \\ \hline Retained Earnings & & 28,400 & & \\ \hline Dividends & 31,000 & & & \\ \hline Sales & & 345,000 & & \\ \hline Teaching Supplies & 3,000 & & & \\ \hline Income Tax Expense & 25,000 & & & \\ \hline Accumulated Depreciation,Store Equipment & & 52,000 & & \\ \hline Utilities Expense & 8,000 & & & \\ \hline Common Stock & & 16,000 & & \\ \hline \multirow[t]{2}{*}{ Interest Expense } & 12,000 & & & \\ \hline & $484,590 & $484,590 & 1 & \\ \hline \end{tabular} 143 points Calculate Gross Profit Type your answer.. \begin{tabular}{|c|c|c|c|c|} \hline Account Description & Debit & Credit & \begin{tabular}{c} Asset, Liab, \\ Rev, Expr \\ other \end{tabular} & \begin{tabular}{c} I/S or \\ B/S \end{tabular} \\ \hline Depreciation Expense - Store Equipment & 16,000 & & & \\ \hline Cash & $22,000 & & & \\ \hline Sales Returns \& Allowances & 3,500 & & & \\ \hline Wages \& Salary Expense & 50,000 & & & \\ \hline Accounts Receivable & 9,750 & & & \\ \hline Advertising Expense & 10,000 & & & \\ \hline Prepaid Insurance & 13,000 & & & \\ \hline Rent Expense & 30,000 & & & \\ \hline Prepaid Rent & 2,340 & & & \\ \hline Store Equipment & 111,000 & & & \\ \hline Accounts Payable & & 35,600 & & \\ \hline Research \& Development Expense. & 42,000 & & & \\ \hline Salaries Payable & 4 & 340 & & \\ \hline Cost of Goods Sold & 96,000 & & & \\ \hline Long-term Notes Payable & & 7,250 & & \\ \hline Retained Earnings & & 28,400 & & \\ \hline Dividends & 31,000 & & & \\ \hline Sales & & 345,000 & & \\ \hline Teaching Supplies & 3,000 & & & \\ \hline Income Tax Expense & 25,000 & & & \\ \hline Accumulated Depreciation,Store Equipment & & 52,000 & & \\ \hline Utilities Expense & 8,000 & & & \\ \hline Common Stock & & 16,000 & & \\ \hline \multirow[t]{2}{*}{ Interest Expense } & 12,000 & & & \\ \hline & $484,590 & $484,590 & & \\ \hline \end{tabular} 20 points Calculate Net Income \begin{tabular}{|c|c|c|c|c|} \hline Account Description & Debit & Credit & \begin{tabular}{l} Asset, Liab, \\ Rev, Exp, \\ other \end{tabular} & \begin{tabular}{c} I/S or \\ B/S \end{tabular} \\ \hline Depreciation Expense - Store Equipment & 16,000 & & & \\ \hline Cash & $22,000 & & & \\ \hline Sales Returns \& Allowances & 3,500 & & " & \\ \hline Wages \& Salary Expense & 50,000 & & & \\ \hline Accounts Receivable & 9,750 & & & \\ \hline Advertising Expense & 10,000 & & & \\ \hline Prepaid Insurance & 13,000 & & & \\ \hline Rent Expense & 30,000 & & & \\ \hline Prepaid Rent & 2,340 & & & \\ \hline Store Equipment & 111,000 & & & \\ \hline Accounts Payable & & 35,600 & & \\ \hline Research \& Development Expense & 42,000 & & & \\ \hline Salaries Payable & & 340 & & \\ \hline Cost of Goods Sold & 96,000 & & & \\ \hline Long-term Notes Payable & & 7,250 & & \\ \hline Retained Earnings & & 28,400 & & \\ \hline Dividends & 31,000 & & & \\ \hline Sales & & 345,000 & & \\ \hline Teaching Supplies & 3,000 & & & \\ \hline Income Tax Expense & 25,000 & & & \\ \hline Accumulated Depreciation, Store Equipment & & 52,000 & & \\ \hline Utilities Expense & 8,000 & & & \\ \hline Common Stock & & 16,000 & & \\ \hline \multirow[t]{2}{*}{ Interest Expense } & 12,000 & & & \\ \hline & $484,590 & $484,590 & & \\ \hline \end{tabular} 132 points Calculate Net Sales Type your answer... \begin{tabular}{|c|c|c|c|c|} \hline Account Description & Debit & Credit & \begin{tabular}{c} Asset, Liab, \\ Rev, Exp, \\ Other \end{tabular} & \begin{tabular}{c} I/S or \\ B/S \end{tabular} \\ \hline Depreciation Expense - Store Equipment & 16,000 & & & \\ \hline Cash & $22,000 & & & \\ \hline Sales Returns \& Allowances & 3,500 & & & \\ \hline Wages \& Salary Expense & 50,000 & & & \\ \hline Accounts Receivable & 9,750 & & & \\ \hline Advertising Expense & 10,000 & & & \\ \hline Prepaid Insurance & 13,000 & & & \\ \hline Rent Expense & 30,000 & & & \\ \hline Prepaid Rent & 2,340 & & & \\ \hline Store Equipment & 111,000 & & & \\ \hline Accounts Payable & & 35,600 & & \\ \hline Research \& Development Expense & 42,000 & & & \\ \hline Salaries Payable & 11 & 340 & & \\ \hline Cost of Goods Sold & 96,000 & & & \\ \hline Long-term Notes Payable & & 7,250 & & \\ \hline Retained Earnings & & 28,400 & & \\ \hline Dividends & 31,000 & & & \\ \hline Sales & 41 & 345,000 & & \\ \hline Teaching Supplies & 3,000 & & & \\ \hline Income Tax Expense & 25,000 & & & \\ \hline Accumulated Depreciation,Store Equipment & 19 & 52,000 & & \\ \hline Utilities Expense & 8,000 & 1 & & \\ \hline Common Stock & ffat & 16,000 & & \\ \hline Interest Expense & 12,000 & & & \\ \hline & $484,590 & $484,590 & & \\ \hline \end{tabular} 18 points Calculate Operating Income Type your answer.- 2 points Calculate Profit Margin (enter number as x,x ) 2 points Calculate the Gross Margin \% (enter number as xx.x) \begin{tabular}{|c|c|c|c|c|} \hline Account Description & Debit & Credit & \begin{tabular}{c} Asset, Liab, \\ Rev, Exp, \\ Other \end{tabular} & \begin{tabular}{c} I/S or \\ B/S \end{tabular} \\ \hline Depreciation Expense - Store Equipment & 16,000 & & & \\ \hline Cash & $22,000 & & & \\ \hline Sales Returns \& Allowances & 3,500 & & & \\ \hline Wages \& Salary Expense & 50,000 & & & \\ \hline Accounts Receivable & 9,750 & & & \\ \hline Advertising Expense & 10,000 & & & \\ \hline Prepaid Insurance & 13,000 & & & \\ \hline Rent Expense & 30,000 & & & \\ \hline Prepaid Rent & 2,340 & & & \\ \hline Store Equipment & 111,000 & & & \\ \hline Accounts Payable & & 35,600 & & \\ \hline Research \& Development Expense & 42,000 & & & \\ \hline Salaries Payable & & 340 & & \\ \hline Cost of Goods Sold & 96,000 & & & \\ \hline Long-term Notes Payable & & 7,250 & & \\ \hline Retained Earnings & & 28,400 & & \\ \hline Dividends & 31,000 & & & \\ \hline Sales & & 345,000 & & \\ \hline Teaching Supplies & 3,000 & & & \\ \hline Income Tax Expense & 25,000 & & & \\ \hline Accumulated Depreciation, Store Equipment & & 52,000 & & \\ \hline Utilities Expense & 8,000 & & & \\ \hline Common Stock & & 16,000 & & \\ \hline Interest Expense & 12,000 & & & \\ \hline & $484,590 & $484,590 & & \\ \hline \end{tabular} 192 points Calculate Income Before Taxes Type your