1. Which of the following is the botXXXXX XXXXXne on the income statement?A. The

1. Which of the following is the botXXXXX XXXXXne on the income statement?A. The gross profitB. The net salesC. The total operating expensesD. The net income (or loss)2. A party supplies store recorded net sales of $423400 for the year. The stores beginninginventory at retail was $105850 and its ending inventory at retail was $127020. Whatwould be the inventory turnover at retail rounded to the nearest tenth?A. 1.8B. 3.3C. 3.6D. 4.03. Ramon owns a home that was appraised for $132600. Ramons credit union is willing toloan an amount up to 70% of the appraised value of a home. Based on this informationwhat is the maximum potential amount of credit thats available to Ramon for a homeequity loan?A. $92820B. $89340C. $62538D. $495604. James has opted for a 20-payment life insurance policy of $200000. James is 42 yearsold. What is his annual premium?A. $3722.00B. $4062.00C. $7318.00D. $10000.00