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   6,000 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 %

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...
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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   6,000
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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ISBN:
9781947172685
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OpenStax
Publisher:
OpenStax College