Part II: Open Ended Accounting Problems

Instructions: Determine a final numerical answer for each question. You will record your ANSWERS ONLY on THPS$-$I Answer Submission Form on iCollege. For all questions $($unless otherwise specifically instructed$),$ round $($if necessary$)$ all answers to whole dollar amounts $($i$.$e$.,$ zero decimal places$),$ but you will NOT record the dollar sign or any commas on iCollege. For example, round $$24,302\mathrm{.}84$ to $$24,303$ and record this value on iCollege at $24303.$

Financial statement data for Fitness Factor $($a fitness equipment retail company$)$ are given below. All figures are in dollars. Use this data to construct an Income Statement for the year ending December $31,2023,$ and use your constructed statement to answer the following $4$ questions.

$\backslash$table$[[$Advertising$,33,960],[$Beginning of year inventory,$79,790],[$Depreciation$,10,740],[$Dividends paid to common stockholders,$22,640],[$End of year inventory,$64,350],[$General and administrative expenses,$34,560],[$Gross sales,$886,000],[$Interest expense,$8,350],[$Lease payments,$19,860],[$Management salaries,$102,780],[$Purchases$,407,300],[$Research and development,$1,930],[$Returns and allowances,$6,960],[$Taxes$,20,970]]$

What was gross profit from Fitness Factor's income statement for the year ending December $31,2023?$

What was operating profit $($i$.$e$.,$ EBIT$)$ from Fitness Factor's income statement for the year ending December $31,2023?$

What was profit before taxes $($i$.$e$.,$ EBT$)$ from Fitness Factor's income statement for the year ending December $31,2023?$

What was net income from Fitness Factor's income statement for the year ending December $31,2023?$