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FINANCIAL ACCOUNTING

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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Presented below is information for Blossom Company for the month of January 2017.
Cost of goods sold
$202,200 Rent expense
6,400 Sales discounts
$33,600
Freight-out
8,100
Insurance expense
12,500 Sales returns and allowances
17,600
Salaries and wages expense
64,000 Sales revenue
395,500
Income tax expense
4,200 Other comprehensive income (net of $400 tax)
2,000

Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%.)
Profit margin
Gross profit rate

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