Sur Remaining Time: 2 hours, 50 minutes, 39 seconds. Question Completion Status: 3 6 10 11 12 13 14 15 Use the following IS and balance sheets for ABC to calculate the gross profit margin for the year 2006 (and not 2006). ABC Income Statement Ending Dec. 31st $ 2005 2006 Net Sales 3,000,000 -COGS $1,800,000 1,080.000 720,000 Gross Profit 1 800,000 1,200,000 300,000 500.000 - Marketing Expenses - General Administrative (G&A)Expenses Depreciation expense 180.000 500.000 80.000 -40.000 90.000 80,000 EBIT Interest 320,000 120,000 200.000 EBT - 130,000 0 50.000 -Taxes 150.000 Net Income - 130,000 0 70 000 Dividends Change in Retained Earings 0 30,000 Click Save and Submit to save and submit. Click Save All Auto save allanners SA A Question Completion Status: 3 6 8 9 10 11 12 13 14 15 ABC Balance Sheet Ending Dec. 315($) Left Hand Side of the B.S. Assets 2005 2006 Change Average Cash 100,000 40,000 Receivables 400,000 560.000 Inventories 800.000 1.000.000 Total Current Assets 1,300,000 1,600,000 Gross Fixed Assets 900,000 1,080,000 280,000 Less: Accumulated Depreciation Net Fixed Assets 200,000 700,000 2.000.000 800,000 2.400.000 Total Assets Right Hand Side of the B.S. Liabilities and Equity Payables Accrued Wages Bank Loan 260,000 320,000 100,000 180,000 140,000 200,000 Click Save and Submit to save and submit. Click Save All Answers to see all answers. Sa emaining Time: 2 hours, 50 minutes, 18 seconds. Question Completion Status: 3 SL 6 7 8 10 11 12 13 14 15 250,000 320.000 Right Hand Side of the B. S. Liabilities and Equity Payables Accrued Wages Bank Loan Total Current Liabilities 100,000 140,000 180.000 200,000 540,000 660.000 Long-term Debt 600.000 800,000 Owner's Equity Common Stock (@par) 300,000 300,000 400,000 Additional paid-in-capital 400,000 240,000 150,000 $2,000,000 $2.400,000 Retained Eamings Total liabilities and equity O A 10.00% B. 20.00% C.30.00% D. 35 00% E 40.00% Click Save and Submit to save and submit. Click Save All Answers to save all annen Save