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Part II: Open Ended Accounting Problems Instructions: Determine a final numerical answer for each question. You will record your ANSWERS ONLY on THPS-1 Answer Submission
Part II: Open Ended Accounting Problems Instructions: Determine a final numerical answer for each question. You will record your ANSWERS ONLY on THPS-1 Answer Submission Form on iCollege, For all questions (unless otherwise specifically instructed), round (if necessary) all answers to whole dollar amounts (i.e., zero decimal places), but you will NOT record the dollar sign or any commas on iCollege, For example, round $24,302.84 to $24,303 and record this value on iCollege, at 24303. Financial statement data for Plum Crazy Boutique (a high-end clothing retail company) are given below. All figures are in dollars. Use this data to construct an Income Statement for the year ending December 31, 2021 and use your constructed+tatement to answer the following 4 questions. Advertising 25,940 Beginning of year inventory 60,930 Depreciation 8,200 Dividends paid to common stockholders 64,350 End of year inventory 34,560 General and administrative expenses 676,580 Gross sales 8,350 Interest expense 19,860 Lease payments 102,780 Management salaries 407,300 Purchases 1,930 Research and development 6,960 Returns and allowances 20,970 Taxes 238,490 0 15. What was gross profit from Plum Crazy Boutique's income statement for the year ending December 31, 2021? 16. What was operating profit (i.e., EBIT) from Plum Crazy Boutique's income statement for the year ending December 31, 2021? 17. What was profit before taxes (i.e., EBT) from Plum Crazy Boutique's income statement for the year ending December 31, 2021? 18. What was net income from Plum Crazy Boutique's income statement for the year ending December 31, 2021
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