Final Exam Fall $2022$ E$.$ FINANCIAL STATEMENTS $(15$ Marks$)$ Presented below is the adjusted trial balance of Karen's Pet Supplies as at its fiscal year end, June $30,2021.$ All accounts are their normal balance $($debit or credit$).$ Karen's uses the perpetual inventory system. Accounts payable. Accounts receivable Accum. depreciation, computers. Accum. depreciation, equipment Cash computers Cost of good's sold Depreciation expense Equipment. Insurance expense Interest expense Interest payable Interest revenue. $\backslash$$$34,85027,3001,50032,0009,5004,500195,0004,00080,0008,4002,35028070024,00014,00055,00047,0001,50014,00050,0006,2001001,000$ Sales returns and allowances.. Sales revenue $320,000$ Supplies $900$ Supplies expense. $1,750$ Instructions a$)$ Prepare a multiple$-$step income statement on the next page. $(12$ marks$)$ b$)$ Calculate Karen's gross profit margin. Karen's gross profit margin for $2020$ was $\backslash (45\backslash \%\backslash ).$ Comment on the change in gross profit margin from the prior year. $(3$ marks$)$ Write answer on next page