Calculate the gross margin ratio from the above financial statements

Scenario: You have been hired as a manager for a family-owned agribusiness that specializes in producing and selling organic fruits and vegetables , in addition to a pumpkin patch called Bernbeck Pumpkin Patch. The company has been in operation for the past three years and has experienced steady growth. The owner is interested in evaluating the company's financial performance to make informed decisions for future investments. Using the financial data provided below , prepare an income statement and balance sheet for the company for the year ending December 31 , 2022. Leave any unused lines blank. Make sure your work is legible, or it will not be graded. Financial Data: Accounts Payable = $25 ,000 Accounts Receivable = $50 ,000 Accrued Expenses = $8,750 Advances = $0 Bad Debt = $1 ,450 Cash/Checking = $75 ,OOO Common stock = $179,974 Cost of goods sold for Pumpkin patch = $13500 Cost of Organic Produce = $65,000 Decrease in Accounts payable = $5000 Decrease in accrued expenses = $5000 Delivery/Freight expense = $24,300 Depreciation on Equipment = $6000 Depreciation on Processing/Shipping Facilities = $20 OOO Discounts of $20 ,000 Equipment = $60 ,000 Full-time salary expense = $120 ,000 Important notes: no Change in Common Stock Increase in Accounts receivable = Interest Expense = $16,765 Inventory = $75,000 Land = $350000 Miscellaneous expenses = $3 ,025 Mortgage = $185000 No returns or allowances Notes receivable = $0 Office expenses = $740 Organic fruits and vegetables sales = $457 goo Other Assets = $0 Other Revenue = $5000 Owner's Draw = $65 ,000 Owner's Equity (Beginning of Year) = $503,918 Part-time salary expense = $26,520 Processing/Shipping Facilities = $200 ooo Promotion expense = $8500 Pumpkin patch sales = $63 ,000 Utility expense = $16,300 Retained Earnings = $385276