Use your Income Statement to answer questions 1 to 9. 1. To the nearest hundredth, the Total Cost of Goods Sold is what percent of Net Sales? Do not enter the percent (%) sign. 2. To the nearest hundredth, the Gross Profit From Sales is what percent of Net Sales? 3. Last quarter the Total Selling Expenses were 34.51% of Total Gross Profit From Sales. Has this quarter shown an improvement over last quarter? Answer Y for Yes or N for No. 4. To the nearest hundredth, Total Selling Expenses are what percent of Total Operating Expenses? 5. What is the total of Total Fees Earned? 6. What is the Income From Operations? 7. If the Total Cost of Goods Sold is understated, the Income From Operations will be: A. Overstated B. Understated C. Unchanged 8. To the nearest hundredth, what is the profit margin ratio? Do not enter the percent (%) sign. 9. To the nearest hundredth, what is the gross margin ratio ? Do not enter the percent (%) sign.? Algorithmic Granite Bay Jet Ski II Income Statement For the Quarter Ended June 30, 2021 Revenues: Watercraft and Accessory Sales Less: Sales Returns and allowances $ 304,679.15 2,173.80 Net Sales $ 302,505.35 Cost of Goods Sold: Cost of Goods Sold Transportation-In $ 222,287.30 644.00 Total cost of Goods Sold 222,931.30 Gross Profit From Sales $ 79,574.05 Fees Earned: Service Fees Earned Storage Fees Earned $ 9,671.75 10,450.00 Total Fees Earned 20, 121.75 Total Gross Profit From Sales and Fees Earned $ 99,695.80 $ Operating Expenses: Selling Expenses : Salaries and Wages Expense Store and Shop Supplies Expense Truck and Equipment Operating Expense Advertising Expense Delivery Expense Credit Card Expense Tools Expense Depreciation Expense, Store & Shop Equipment Depreciation Expense, Shop Equipment Depreciation Expense, Trucks 15, 249.40 2,118.00 1,235.70 2,552.00 923.10 1,123.87 41.25 2,330.00 720.00 576.00 Total Selling Expense $ 26,869.32 Total Selling Expense $ 26,869.32 $ General and Administrative Expenses: Rent Expense Insurance Expense Bad Debt Expense Property Tax Expense Utilities Expense Telephone Expense Bank Service Charges License Expense Professional Services Expense Cash Short and Over Discounts Lost Miscellaneous Expense 15,189.00 3,780.00 2,190.50 650.00 852.18 403.00 74.20 918.00 903.73 21.05 236.00 76.67 Total General and Administrative Expenses $ 25, 294.33 Total Operating Expenses $ 52,163.65 Income From Operations $ 47,532.15 $ Other Revenues and Expenses: Interest Earned Gain on Sale of Assets Miscellaneous Revenue 234.15 210.00 125.03 Total Other Revenues: $ 569.18 $ Income Taxes Expense Interest Expense Loss on Sale/Disposal of Assets 5,863.00 1,023.99 195.00 Total Other Expenses: $ 7,081.99 Net Other Expenses 6,512.81 Net Income $ 41,019.34 ==========