Presented below are the components used to determine cost of goods sold for five separate apparel companies. Oete rmine the missing ameunts. Enter the following merchandisine tramactions as journal entries into the Aritona Coyotes general journal. Then, caloulate sross profit (to the right of the the journal entries) vaing fust these tracuations. Merchandisine transactions for the month of Julys 1. On July 3, 5old jersies on account to Flagrats 5 porting Goods for $1,200. The cost of the merchandise sold was $850. 2. Purchased additicnal merchandise on account from Hockey 5 tulf tic for $3,480 on luly 10. 3. On July 13, sold jersies and stidks to I love Hockey, Ine for $2,650 on account. The cort of the merchandise sold was 5950 . 4. Received payment from Flagataff Sporting Goods On Juy 15th 5. July 22, poid Hockey Stut uc for the merchandise purchased on July 10. 6. Recelved Payenent from I love Hodey, Inc on July 23rd. The vice president of marketing and the director of human resources have developed a proposal whereby Phoenix Rising FC would compensate the sales force on a strictly commission basis. Given the increased incentive, they expect net sales to increase by 15%. As a result, they estimate that gross profit will increase by $94,395 and expenses by $128,905. Compute the expected new net income. (Hint: You do not need to prepare an income statement) Then, compute the revised profit margin and gross profit rate. Comment on the effect that this plan would have on net income and on the ratios, and evaluate the merit of this proposal. (ignore income tax affecte-1 The account balances for the Phoenix Rising are presented below. Use these account balances to orepare a multi-step income statement for the company. Prepare an income statement for the year ended December 31, 20XX. Remember, you should use referencing/functions to enter the values on financial statements (no direct typing of numbers). Phoenix Rising FC Income Statement For the Year Ended December 31,20XX Net Sales Operating Expense Total Operating Expenses Income from Operations Other Revenues and Gains Other Expenses and Losses Income before income Taxes Net income $ The vice president of marketing and the director of human resources have developed a proposal whereby Phoenix Rising FC would compensate the sales force on a strictly commission basis. Given the increased incentive, they expect net sales to increase by 15%. As a result, they estimate that gross profit will increase by $94,395 and expenses by $128,905. Compute the expected new net income. (Hint: You do not need to prepare an income statement.) Then, compute the revised profit margin and gross profit rate. Comment on the effect that this plan would have on net income and on the ratios, and evaluate the merit of this proposal. (Ignore income tax effects.) Enter the following merchandising transactions as journal entries into the Arizona Coyotes general journal. Then, calculate gross profit (to the right of the the journal entries) using just these transactions. Merchandising transactions for the month of July: 1. On July 3, Sold jersies on account to Flagstaff Sporting Goods for $1,200. The cost of the merchandise sold was $850. 2. Purchased additional merchandise on account from Hockey Stuff LLC for $3,480 on July 10. 3. On July 13, sold jersies and sticks to I Love Hockey, Inc. for $2,650 on account. The cost of the merchandise sold was $950. 4. Received payment from Flagstaff Sporting Goods On July 15 th. 5. July 22, paid Hockey Stuff LLC for the merchandise purchased on July 10. 6. Received Payment from I Love Hockey, Inc. on July 23 rd. General Journal 6. Received Payment from I Love Hockey, Inc, on July 23rd. Calculate gross profit for the Arizona Coyotes for the month of July based on the transactions to the left