Exercise 6-16A Calculate levels of profitability for a multiple-step income statement and the gross profit ratio (L06-2, 6-7) [The following information applies to the questions displayed below.) Below are amounts found in the income statements of three companies. Company Henry Grace James Sales Revenue $48,000 51,000 56,000 Cost of Goods Sold $19,200 38,250 37,520 Operating Expenses $ 5,800 14,000 3,800 Non-Operating Expenses $2,800 7,800 0 Income Tax Expense $2,800 0 3,800 Exercise 6-16A Part 1 Required: 1. For each company, calculate (a) gross profit, (b) operating income. (c) income before income taxes, and (d) net income. (Negative amounts should be indicated by a minus sign.) Gross Profit Operating Income Income Before Income taxes Net Income LOSS Henry Grace James