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I need solution for both 1 and 2 ! Required information (The following information...

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Accounting

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imageI need solution for both 1 and 2

! Required information (The following information applies to the questions displayed below.] Below are amounts found in the income statements of three companies. Operating Expenses Sales Revenue $12,000 15,000 20,000 Company Henry Grace James Cost of Goods Sold $ 3,000 10,000 12,000 Income Tax Expense $1,000 Non-operating Expenses $1,000 3,000 $4,000 6,000 2,000 2,000 Required: 1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income. (Negative amounts should be indicated by a minus sign.) Net Income Income Before Income taxes Loss Henry Grace Gross Profit Operating Income $ 9,000 $ 4,000 5,000 6,000 8,000 2,000 James 2-a. For each company, calculate the gross profit ratio. Gross Profit Ratio Henry Grace James 2-b. Which company has the most favorable ratio? O Henry O Grace O James

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