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Samuel Cox, owner of Cox Video Center, sent the income statement shown below to several of his creditors who had asked for financial statements. The business is a sole proprietorship that sells audio and other electronic equipment. One of the creditors looked over the income statement and reported that it did not conform to generally accepted accounting principles. The following additional information was made available by Cox: a. On January 1, 20X1, accounts receivable from customers totaled $26,300. On December 31,201, the receivables totaled $32,600. b. No effort has been made to charge off worthless accounts. An analysis shows that $2,000 of the accounts receivable on December 31,201, will never be collected. c. The beginning and ending merchandise inventories were valued at their estimated selling price. The cost of the ending inventory is determined to be $48,100, and the cost of the beginning inventory is determined at $44,400. d. On January 1,201, suppliers of merchandise were owed $38,800, while on December 31,201, these debts were $45,025. e. The owner paid himself a salary of $2,800 per month from the funds of the business and charged this amount to an account called e. The owner paid himself a salary of $2,800 per month from the funds of the business and charged this amount to an account called Salary of Owner. f. The owner also withdrew cash from the firm's bank account to pay himself $5,100 interest on his capital investment. This amount was charged to Interest Expense. g. A check for $7,600 to cover the owner's personal income tax for the previous year was issued from the firm's bank account. This was charged to Income Tax of Owner. h. Depreciation on assets was computed at 8 percent of the gross profit. An analysis of assets showed that the original cost of the equipment and fixtures was $63,300. Their estimated useful life is 12 years with no salvage value. The building cost $149,500. Its useful life is expected to be 25 years with no salvage value. i. Included in Repairs Expense was $6,800 paid on December 22 for a new parking lot completed that day. j. The increase in land value was based on an appraisal by a qualified real estate appraiser. Required: Prepare an income statement in accordance with generally accepted accounting principles. Analyze: What is the gross profit percentage based on the income statement you prepared? What is the gross profit percentage based on the income statement you prepared? (Round your answer to 2 decimal places.) Gross profit %