Hendry's Boutique is a retail clothing store for women. The store operates out of a rented building in Storm Lake, lows. The following is the store's adjusted year-end trial balance dated December 31, current year. HENDRY'S BOUTIQUE Adjusted Trial Balance December 31, current year Cash Accounts receivable Merchandise inventory Prepaid rent Office supplies Office equipment Accumulated depreciation: office equipment Accounts payable Sales taxes payable $ 20,340 3,680 28,000 2,860 1,920 53,400 $ 15,800 16,700 Capital stock Retained earnings 4,120 24,400 29,255 Sales Sales returns and allowances 302,000 3,300 Cost of goods sold 134,415 Purchase discounts lost 1,000 Utilities expense 6,652 Office supply expense 1,072 Depreciation expense: office equipment 4,700 Rent expense 8,160 Insurance expense 1,410 Salaries expense 109,830 Income taxes expense 11,536 $392,275 $392,275 Required: a. Prepare an income statement for Hendry's Boutique dated December 31, current year. Compute the store's gross profit margin as a percentage of net sales. c. Do the store's customers seem to be satisfied with their purchases? f. Which accounts appearing in the store's adjusted trial balance comprise its operating cycle? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) 7 Cash Accounts receivable Merchandise inventory ? Prepaid rent ? Office supplies