Question 11 The adjusted trial balance of Clink Corporation included the following selected accounts Debit...
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Question 11 The adjusted trial balance of Clink Corporation included the following selected accounts Debit Credit Sales $575,000 Sales returns and allowances $ 55,000 Sales discounts 10,500 Cost of goods sold 347.000 Freight out 2,000 Advertising expense 15.000 Interest expense 19,000 Store salaries expense 45,000 Utilities expense 18,000 Amortization expense 3,296 I Income tax expense 32,000 15,000 Interest revenue Required: 1. Use the above information to prepare a multiple-step statement of eamingsfor the year ended December 31, 2020 2. Calculate the net profit margin (percentage) and gross profit margin (percentage). Bnefly explain the meaning of these two measures Die Feedback to the
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