Check my work 23 Exercise 13.11 (Algo) Preparing a summarized income statement; computing ratios. LO 13-1, 13- 6 0.62 Selected accounts and other information from the records of Calderone Company for the year ended December 31 follow: points eBook Merchandise inventory, January 1 Merchandise inventory, December 31 Sales returns and allowances Store supplies expense Sales salaries expense Sales Purchases $ 25,000 27,000 2,000 4,000 35,000 238,000 60,000 Print Rent expense 42,000 Sales commissions expense 6,200 Freight in 2,500 Purchases discounts 600 References Depreciation expense-Office equipment 4,000 Depreciation expense-Store equipment 7,000 Utilities expense Office salaries expense Interest expense Interest income 10,000 27,000 1,400 2,200 1. Compute the following items that would appear on a classified income statement. The company combines both selling and general and administrative expenses into a single line, Operating Expenses. a. Net sales b. Cost of goods sold c. Gross profit d. Operating expenses e. Net income from operations f. Other income, net g. Net income for year 2. Prepare a summarized income statement for Calderone Company for the current year. 3. Compute the following ratios: a. Gross profit percentage b. Inventory turnover Complete this question entering your answers in the tabs below. Req 1 Req 2 Req 3a Req 3b Compute the following items that would appear on a classified income statement. The company combines both selling and general and administrative expenses into a single line, Operating Expenses. a. Net sales b. Cost of goods sold C. Gross profit d. Operating expenses e. Net income from operations f. Other income, net