nancial information for two companies are presented below. Fill in the missing amounts. Sheffield Corp. Tamarisk, Inc.Sales revenue $100,000 $enter a dollar amount Sales returns and allowances enter a dollar amount 6,000Net sales 94,000 116,000Cost of goods sold 64,860 enter a dollar amountGross profit enter a subtotal of the two previous amounts 38,280Operating expenses 16,920 enter a dollar amountNet income enter a total net income 17,400 eTextbook and Media Calculate the profit margin and the gross profit rate for each company. (Round answers to 0 decimal places, e.g. 15%.) Sheffield Corp. Tamarisk, Inc.Profit margin enter percentages rounded to 1 decimal place% enter percentages rounded to 1 decimal place%Gross profit rate enter percentages rounded to 1 decimal place% enter percentages rounded to 1 decimal place%

Name: nancial information for two companies are presented below. Fill in th
Uploaded: 2022-11-04T13:36:07.000Z
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Description: nancial information for two companies are presented below. Fill in the missing amounts. Sheffield Corp. Tamarisk, Inc.Sales revenue $100,000 $enter a dollar amount Sales returns and allowances enter a dollar amount 6,000Net sales 94,000 116,000Cost

Gross profit percentage helps the company to compare gross margin to the net sales. This ratio tells…

Answered: nancial information for two companies…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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	Sheffield Corp.	Tamarisk, Inc.
Sales revenue	$100,000	$enter a dollar amount
Sales returns and allowances	enter a dollar amount	6,000
Net sales	94,000	116,000
Cost of goods sold	64,860	enter a dollar amount
Gross profit	enter a subtotal of the two previous amounts	38,280
Operating expenses	16,920	enter a dollar amount
Net income	enter a total net income	17,400

eTextbook and Media

Calculate the profit margin and the gross profit rate for each company. (Round answers to 0 decimal places, e.g. 15%.)

	Sheffield Corp.		Tamarisk, Inc.
Profit margin	enter percentages rounded to 1 decimal place	%		enter percentages rounded to 1 decimal place	%
Gross profit rate	enter percentages rounded to 1 decimal place	%		enter percentages rounded to 1 decimal place	%

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