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PROBLEM SET A PSA4.1 Journalise, post, prepare partial statement of prot or loss and calculate ratios. Papermark Ltd completed the following inventory transactions in the month of May. At the beginning of May, Papermark Ltd's ledger showed Cash $3500 and Share Capital $3500. Sold inventory on account for $3150, terms 2/7, n/30. The cost of the inventory sold was $2100. Purchased inventory on account om Pen & Paper Wholesale Supply for $4200, terms 2/7, n/30. Returned inventory and received credit om Pen & Paper Wholesale Supply for $140. 9 Received amounts owing from customers invoiced on sales of $3150 on 2 May. May2 5 10 Paid Pen & Paper Wholesale Supply the amount owing. 1 1 Purchased supplies for cash $630. 12 Purchased inventory for cash $1680. Returned goods and received a refund for poor-quality inventory from supplier on cash purchase $161. 20 Purchased inventory from Harlow Distributors for $1330, terms 2/7, n/30. 21 Paid freight to DHL on 20 May purchase $175. 24 Sold inventory for cash $4340. The cost of the inventory sold was $3038. 25 Purchased inventory from Art World Ltd for $700, terms 2/7, n/30. 27 Paid Harlow Distributors the amount outstanding. 15 Made refunds to cash customers for inventory sold for $70. The returned inventory had cost $49. The inventory returned was not faulty. Sold inventory on account for $1120, terms n/30. The cost of the inventory sold was $784. Papermark Ltd's chart of accounts includes 100 Cash, 110 Accounts Receivable, 120 Inventory, 130 Supplies, 200 Accounts Payable, 300 Share Capital, 400 Sales, 405 Sales Returns and Allowances, 410 Discount Received, 500 Discount Allowed, 505 Cost of Sales, and 510 Freight Inwards. 31 Required (a) J ournalise the transactions using a perpetual inventory system. (b) Post the transactions to T accounts. Be sure to enter the beginning Cash and Share Capital balances. (0) Prepare a statement of prot or loss up to gross profit for the month of May 2015. ((1) Calculate the profit margin ratio and the gross prot ratio. (Assume operating expenses were $980 and the income tax expense was $133.)