The adjusted trial balance of Pharoah Supply Company included the following selected accounts: Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight-Out Advertising Expense Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue Debit $57,000 9,500 407,050 2,900 15,800 24,100 89,000 23,000 3,000 Credit $648,000 24,055

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The adjusted trial balance of Pharoah Supply Company included the following selected accounts:
Sales Revenue
Sales Returns and Allowances
Sales Discounts
Cost of Goods Sold
Freight-Out
Advertising Expense
Interest Expense
Salaries and Wages Expense
Utilities Expense
Depreciation Expense
Interest Revenue
Debit
$57,000
9.500
407,050
2,900
15,800
24,100
89,000
23,000
3,000
Credit
$648,000
24,055
Transcribed Image Text:The adjusted trial balance of Pharoah Supply Company included the following selected accounts: Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight-Out Advertising Expense Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue Debit $57,000 9.500 407,050 2,900 15,800 24,100 89,000 23,000 3,000 Credit $648,000 24,055
(b)
Calculate the profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 5.2%)
Profit margin
Gross profit rate
%
Transcribed Image Text:(b) Calculate the profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 5.2%) Profit margin Gross profit rate %
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