U Stores Ltd had the following account balances at December 31, 2021 Deferred revenue $8,960 Travel and entertainment expense 11,340 Cash received from debt 18,500 Sales revenue 412,860 Repairs and maintenance expense 15,655 Insurance expense 9,400 Advertising expense 48,265 Dividends, paid in cash 15,500 Office supplies expense 6,775 Prepaid expenses 12,565 Sales discounts 22,540 Rent expense 11,000 Payments to suppliers on account 67,844 Income tax expense 33,750 Contributions by owners 24,750 Cost of goods sold 165,000 Collections from customers 69,532 Freight expense 10,065 Sales returns and allowances 15,320 REQUIRED Create a multiple step income statement and answer the following questions You do not have to hand in the income statement it is rough work only What is total net sales for this company What is total gross profit for this company What is total operating expenses for this company What is net income for this company What is the company's gross profit ratio, also called gross profit margin ratio Just enter the digits without decimals or punctuation For example, if the answer is 63 (it isn't), just enter 63 do not enter 63 , 63, 0 63 or any other variation Just the digits

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Posted on Sep 07, 2024

U Stores Ltd. had the following account balances at December 31, 2021: Deferred revenue $8,960 Travel and entertainment expense 11,340 Cash received from debt 18,500

U Stores Ltd. had the following account balances at December 31, 2021:

Deferred revenue	$8,960
Travel and entertainment expense	11,340
Cash received from debt	18,500
Sales revenue	412,860
Repairs and maintenance expense	15,655
Insurance expense	9,400
Advertising expense	48,265
Dividends, paid in cash	15,500
Office supplies expense	6,775
Prepaid expenses	12,565
Sales discounts	22,540
Rent expense	11,000
Payments to suppliers on account	67,844
Income tax expense	33,750
Contributions by owners	24,750
Cost of goods sold	165,000
Collections from customers	69,532
Freight expense	10,065
Sales returns and allowances	15,320

REQUIRED -

Create a multiple step income statement and answer the following questions. You do not have to hand in the income statement - it is rough work only.

What is total net sales for this company?

What is total gross profit for this company?

What is total operating expenses for this company?

What is net income for this company?

What is the company's gross profit ratio, also called gross profit margin ratio?

Just enter the digits without decimals or punctuation. For example, if the answer is 63% (it isn't), just enter 63 - do not enter 63%, .63, 0.63 or any other variation. Just the digits.