Question: Required: Comparative balance sheets report average total assets for the year of $2,575,000 and average total equity of $1,917,000. a. Prepare an income statement for

of $2,575,000 and average total equity of $1,917,000. a. Prepare an income

statement for the year in a multiple-step format. Note: Amounts to be

Required: Comparative balance sheets report average total assets for the year of $2,575,000 and average total equity of $1,917,000. a. Prepare an income statement for the year in a multiple-step format. Note: Amounts to be deducted should be indicated with a minus sign ie. (100,000). Round your Earnings per share to 2 decimal places. b-1. Compute the gross profit rate. Note: Round your percentage answer to 1 decimal place. i.e. 0.1234 as 12.3%. % b-2. Compute the net income as a percentage of net sales. Note: Round your percentage answer to 1 decimal place. i.e. 0.1234 as 12.3%. % b-3. Compute the return on assets. Note: Round your percentage answer to 1 decimal place. i.e. 0.1234 as 12.3%. % b-4. Compute the return on equity for the year. Note: Round your percentage answer to 1 decimal place. i.e. 0.1234 as 12.3%. % SPINX, INCORPORATED Income Statement For the Year Ended Decermber 31, Current Year

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