Reference no: EM133030748
Question - An alphabetical list of Blossoms Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal balances.
Accounts payable $15,590
Notes payable $42,000
Accumulated depreciation-equipment 14,000
Prepaid insurance 575
Accumulated depreciation-furniture 17,500
R. Smistad, capital 65,750
Cash 22,020
R. Smistad, drawings 74,000
Cost of goods sold 271,900
Rent expense 24,600
Depreciation expense 7,070
Salaries expense 50,900
Equipment 35,000
Salaries payable 2,250
Furniture 42,000
Sales 468,000
Insurance expense 3,575
Sales returns and allowances 16,300
Interest expense 2,140
Supplies 950
Interest payable 615
Supplies expense 6,325
Merchandise inventory 70,950
Unearned revenue 2,600
Required - What is the profit margin and Gross profit margin?
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