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The following summarized data were provided by the records of Slate Inc. for the year...

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The following summarized data were provided by the records of Slate Inc. for the year ended December 31, 2020: 7 Sales of merchandise for cash Sales of merchandise on credit Cost of sales Selling expenses Administrative expenses Sales returns and allowances Bad debt expense Items not included in the above amounts: Average income tax rate, 30% Number of common shares outstanding, 4,000 $228,000 36,000 155,000 41,000 19,800 7,800 720 25 points 8 01:21:11 Required: 1. Based on these data, prepare a multiple-step statement of earnings (showing both gross profit/(loss) and earnings from operations). (Round "Earnings per share" to 2 decimal places.) SLATE, INC. Statement of Earnings For the Year Ended December 31, 2020 Operating expenses: Earnings before income tax Earnings per share 2. Compute the amount of gross profit/(Loss) and the gross profit/(loss) percentage. (Round percentage answer to the nearest whole percent (.e., 0.124 should be entered as 12).)

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