The following is the adjusted trial balance data for Elm Connections as of December 31, 2019.

1. Use the data provided to compute net sales for 2019.
2. Compute the gross margin for 2019.
3. Compute the gross profit margin ratio (rounded to nearest hundredth).
4. Prepare a simple income statement for the year ended December 31, 2019.
5. Prepare a multi-step income statement for the year ended December 31, 2019.

Credit ELM CONNECTIONS Adjusted Trial Balance Year Ended December 31, 2019 Debit Cash $ 596,823 Accounts Receivable 34,672 Buildings 350,000 Merchandise Inventory 263,909 Accounts Payable Common Stock Sales Interest Revenue Rent Revenue Sales Salaries Expense 25,180 Office Supplies Expense 5,942 Sales Discounts 99,651 Interest Expense 3,566 Sales Returns and Allowances 110,285 Cost of Goods Sold 180,630 Rent Expense 15,485 Depreciation Expense: Office Equipment 9,000 Insurance Expense 9,324 Advertising Expense 19,193 Totals $1,723,660 $ 502,690 432,975 603,427 94,568 90,000 $1,723,660