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