Rent expense Case XV - Virgo Merchandising The following are the accounts of Virgo Merchandising for December 31, 2017: Sales 4,000,000 Salaries Expense (80,000) Supplies Expense (120,000) Depreciation Expense 196,000) Utilities Expense 164,000) Insurance Expense (32,000) (144,000) Beginning Inventory (6,250) Purchases 1187,500) Ending Inventory 12,500 Sales Discount (625) You are employed by the entity as its bookkeeper in its first year of operations. Prepare the necessary financial statements for the current year. Accordingly, 25% of rent, depreciation, and utility expenses pertain to the sales office while the rest pertains to the corporate office. Questions: 1. How much is the net sales for the year 2. How much is the cost of sales for the year 3. How much is the gross profit for the year 4. How much is the net income for the year 5. Prepare a statement of comprehensive income