can someone help me with this assignment i'm not understanding what i have to do.

EXERCISE 2: CALCULATING PERCENT OF NET SALES COMPLETING INCOME STATEMENTS Check the addition and subtraction on the sample statement. Then culculate each item as a percent of net sales. This is not port of the income statement A sample iencome statement is shown below. The final figures in each category ae carried in the second column. Income statementsdo not show whether an item is being added or subtracted. You must know this. BELGO'S HOME FURNISHINGS INCOME STATEMENT For the Quarter Ended June 30, 1992 Percent of Net Sales Salos Less: Retuns21.800 $383,900 of goods sold Merchandise inventory, April 1 $165.300 Purchssos.78 200 COG available for sale, April 1 ," $246,500 Cost af goods solld... 180.700 5 183,2006 expenses salarios expanse.- $104.600 8,300 Office expene6,400 Utities expense.. 9,200 10, Total operating expense 134400 12. 48,000 13. 2:05 PM 0 Type here to search