Following is the year-end adjusted trial balance for Fred's Corner Grocery for the current year: Fred's Corner Grocery Adjusted Trial Balance December 31 Dr. Cr. Cash... $67,500 Accounts receivable.. 46,000 Merchandise inventory. Store supplies...... Accounts payable. Salaries payable.. 60,000 800 $16,000 850 Common stock. 100,000 Retained earnings. 25,630 Dividends.. 45,000 Sales... 550,000 Sales returns & allowances. 4,500 Sales discounts... 4,250 Cost of goods sold.. 382,450 Sales salaries expense.. Advertising expense... Store salaries expense. Store supplies expense. Interest expense. Totals..... 1. Prepare a partial Income Statement in good form for Fred's Corner Grocery, use the template provided. 2. Calculate the Gross Profit ratio. 44,000 8,150 24,325 450 5,055 $692,480 $692,480 345 6 7 8 6 Fred' Corner Grocery Income Statement For period ended December 31 10 11 Sales Revenue 12 Less: Sales Discount 13 Less: Sales Return & Allowances 14 Net Sales 15 Less: Cost of Goods Sold 16 Gross Profit 17 Less: Selling and Administrative expenses 18 550,000 4,250 4,500 541,250 382,450 158,800