1.

Mega Skateboard Supplier had net sales of $3.0 million, its cost of goods sold was $1.9 million, and its net income was $1.1 million. Its gross margin ratio equals:

rev: 10_13_2017_QC_CS-105444

• 63%.

• 57%.

• 37%.

• 58%.

• 158%.

2.

A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Wilson Peters, Capital in the process of closing the Income Summary account? (Assume all accounts have normal balances.)

Wilson Peters, Capital	$	8,000
Wilson Peters, Withdrawals		11,200
Revenue		32,000
Rent expense		3,200
Salaries expense		7,500
Insurance expense		360
Depr. Expense-equipment		540
Accum depr.-equipment		1,620

rev: 10_20_2017_QC_CS-106276

• $9,200 debit.

• $20,400 credit.

• $22,020 credit.

• $20,400 debit.

• $9,200 credit.