Question 1 An adjusted trial balance of Packers Company as of Decerpber 31, 2020 is given below. Prepare a multi-step income statement for the year for the company and answer the questions that follow. 0 Credit Debit $31,000 42,000 160,000 15,000 300.000 $3,000 25,000 250,000 25,000 Cash Accounts Receivable Merchandise Inventory Supplies Land Accounts Payable Notes Payable Common Stock Retained Earings Dividends Sales Revenue Gain on Sales of Equipment Cost of Goods Sold Salaries Expense Utilities Expense Rent Expense Interest Expense Depreciation Expense Tertats 3.000 550.000 9,000 240.000 35.000 69,000 54 000 18.000 15.000 5863.000 $863.000 1) What is Gross Profit? 2 What are total Operating Expenses? 3) What is Operating Income? 4) What is Net Income? Question 2 4 out of As Patriots Co the sales department is sponsible for recording cash transactions as it does not have a separate accounting department In the above tution, which incl control procedure needs strengthening? Question 3