Question

Selected accounts of Daisy's General Merchandising, at July 31, 2020, are listed in alphabetical order below. For simplicity, all operating expenses are summarized in the Selling Expenses account and the General Expenses account. Daisy's General Merchandising uses the periodic inventory system. $102,000 Inventory: July 31, 2019.. Accounts Payable.. $730,000 Accounts Receivable... 117,000 Inventory: July 31, 2020.. 525,000 61,500 Notes Payable, LongTerm.. 500,000 Accumulated Amortization- Equipment.. B. Daisy, Capital.. Purchases.. 863,400 1,361,000 B. Daisy, Withdrawals.. 42,300 Salaries Payable... 23,000 Cash.. 46,200 Sales Discounts.. 25,000 Equipment.. 484,000 Sales Returns and 52,800 Allowances.. 284,250 Sales Revenue... General Expenses.. 1,891,200 Interest Expense.. 10,200 Selling Expenses. 317,250 8,800 Supplies.. Interest Payabl.... 16,200 Unearned Sales Revenue.. Interest Revenue. 1,500 34,800

I need answer for Question no.4

Answer 1

Daisy's  General Merchandising
Income Statement
For the Year Ended December 31, 2014
Particulars	Amount
Sales Revenue	$ 1,891,200.00
Less: sales returns and allowances	$      52,800.00
Less: sales discount	$      25,000.00
Net Sales		$ 1,813,400.00
Cost of Goods Sold:
Merchandise inventory, July 31,2019	$    730,000.00
Purchases	$ 1,361,000.00
Cost of goods available for sale	$ 2,091,000.00
Less Merchandise inventory, July 31,2020	$    525,000.00
Cost of goods sold		$ 1,566,000.00
Gross Margin		$    247,400.00
Less: Operating Expenses
General Expenses	$    284,250.00
Selling expenses	$    317,250.00
Total operating expenses		$    601,500.00
Net operating income		$  (354,100.00)
Other income and expense
Interest Revenue	1500
Less: Interest Expense	-10200	$      (8,700.00)
Net Income		$  (362,800.00)
Gross Margin Ratio = Gross Profit/ Sales	13.64%
Net Profit Margin = Net income / net sales	-20.01%
Daisy's General Merchandising did not achieve these goals .