& Cur Copy Format Painter 1123 Page Layout Formula O Renew View 11AX BZU JA Font % B Wrap Text General ***** Merge & Center 231 Abriment C D Lomandas -Microsoft Excel 2. Condeional Format Cell inset Delete format Formatting as Table Styles Sort & find Clear Number Styles Ce riter Sales na Review the entries and if adjustments are required, book the adjusting entries under 2 level reversal ebtry approach. 5 Prepare classified Income statement and compute the ratios based on the information provided below (22 marks) Beginning Inventory, January 11 Ending Inventory, December 31 Sales Returns and Allowance Store Supplies Expense Sales Salaries Expense $30,000 $22,000 $850 $2,550 $31,000 Click to add footer Peerless Training InstituteManagement Accounting Midterm-Oct 11, 2022 Sales Purchases $265,500 $50,000 G Total Marks 80 Sales Purchases $265,500 $50,000 Rent Expense $37,000 Sales Commissions Expense $4,200 Freight In $1,500 Purchase Discounts $600 Depriciation Expense Office Equipment $3,200 Depriciation Expense - Store Equipment $5,800 Utilities Expense $8,000 Office Salaries Expense $26,800 $640 Interest Expense Interest Income $1,150 $286,000 Current Assets Current liabilities Accounts Receivable, begining Sheet1 $255,000 $146,000 MCQS Sheet2 Type here to search E INE 13C Accounts Receivable, ending Compute in classified income statement Compute ratios 1 Net Sales 2 Cost of Goods sold 3 Gross Profit 4 Operating Expenses 5 Net Income from Operations 6 Other income, net 7 Net Income for the year 1 Gross profit Percentage 2 Inventory Turnover 3 Working Capital 4 Current Ratio: 5 Accounts Receivable Turnover $128,000