please use this income statement to answer question 1-9 im so confused please also explain how you got the answer pleaae thank you!
please do all question
EC NAME CLASS DAY AND TIME FINAL EVALUATION GRANITE BAY JET SKI II DATE 1. Use your Income Statement to answer questions 1 to 9. To the nearest hundredth, the Total Cost of Goods Sold is what percent of Net Sales? Do not enter the percent (%) signs. % 2. To the nearest hundredth, the Gross Profit From Sales is what percent of Net Sales? 3. Last quarter the Total Selling Expenses were 34.51% of Total Gross Profit From Sales. Has this quarter shown an improvement over last quarter? Answer Y for Yes or N for No. 4. To the nearest hundredth, Total Selling Expenses are what percent of Total Operating Expenses? 5. What is the total of Total Fees Earned? 6. What is the Income From Operations? 7. If the Total Cost of Goods Sold is understated, the Income From Operations will be: A. Overstated B. Understated C.Unchanged D. None of the above 8. To the nearest hundredth, what is the profit margin ratio? 9. To the nearest hundredth, what is the gross margin ratio? Algorithmic Granite Bay Jet Ski II Income Statement For the Quarter Ended December 31, 2020 Revenues: Watercraft and Accessory Sales $ 305,092.95 Sales Returns and Allowances Less: 2,180.80 Net Sales $ 302,912.15 Cost of Goods Sold: Cost of Goods Sold $222,387.20 Transportation-In 592.00 Total Cost of Goods Sold 222,979.20 Gross Profit From Sales 79,932.95 $ Fees Earned: 9,803.75 10,450.00 Service Fees Earned Storage Fees Earned 20,253.75 Total Fees Earned $ 100,186.70 Total Gross Profit From Sales and Fees Earned Operating Expenses: Selling Expenses: Salaries and Wages Expense Store and Shop Supplies Expense Truck and Equipment Operating Expenser Advertising Expense Delivery Expense Crec Tools Expense Depreciation Expense, Store & Shop Equipment Depreciation Expense, Shop Equipment Depreciation Expense, Trucks 15,640.81 876.92 $ 1,265.70 2,844.40 912.35 1,750.43 40.97 Card Expense 2,330.00 1,640.00 576.00 27,877.58 Total Selling Expense Total Selling Expense $ 27,877.58 General and Administrative Expenses: Rent Expense Insurance Expense Bad Debt Expense 15,109.00 2,327.00 688.50 Property Tax Expense Utilities Expense Telephone Expense Bank Service Charges 640.00 846.77 406.00 123.94 License Expense Professional Services Expense 922.00 903.47 Cash Short and Over Discounts Lost Miscellaneous Expense 19.05 239.00 76.30 Total General and Administrative Expenses $ 22,301.03 Total Operating Expenses 50,178.61 Income From Operations $ 58,.09 Other Revenues and Expenses: Interest Earned Gain on Sale of Assets Miscellaneous Revenue 301.67 210.00 129.20 Total Other Revenues: $ 640.87 Income Taxes Expense Interest Expense Loss on Sale/Disposal of Assets 5,746.00 $ 1,184.35 195.00 Total Othec Expenses: $ 7,125.35 Net Other Expenses 6,484.48 Net Income 43,523.61
