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2 was charged to Interest Expense g. A check for $9.000 to cover the owner's...

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Accounting

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2 was charged to Interest Expense g. A check for $9.000 to cover the owner's personal income tax for the previous year was issued from the firm's bank account. This was charged to Income Tax of Owner h. Depreciation on assets was computed at 8 percent of the gross profit. An analysis of assets showed that the original cost of the equipment and fixtures was $67500. Thelr estimated useful life is 12 years with no salvage value. The building cost $152,750. Its useful life is expected to be 25 years with no salvage value. i. Included in Repairs Expense was $6,600 paid on December 22 for a new parking lot completed that day j. The Increase in land value was based on an appraisal by a qualified real estate appraiser 33 33 points eBook Print Required: Prepare an income statement in accordance with generally accepted accounting principles References Analyze: What is the gross profit percentage based on the income statement you prepared? Complete this question by entering your answers in the tabs below. Income Stmt Analyze What is the gross profit percentage based on the income statement you prepared? (Round your answer to 2 decimal places) Gross prold Ansly

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