*** $930 58.000 49.710 32.500 16.500 account balances at August 31, 2021, follows: All accounts have normal balances. Accounts payable $ 29,500 interest revenue Accounts receivable 21.000 Merchandise inventory Accumulated depreciation-equipment 26.920 Notes payable Notes receivable Cash 13.500 Rent expense Cost of goods sold 575.500 Sales Depreciation expense 6,730 Sales discounts Equipment 67.300 Sales returns and allowances Freight out 5.100 Supplies expense Insurance expense 2800 Unearned revenue Interest expense V Whispering Winds, capital 700.000 3.800 14.400 6.000 6.200 2300 72.500 te Wind 230 Interest recevable V.Whispering Winds.drawings 60.100 Additional information: All adjustments have been recorded and posted except for the inventory adjustment. According to the inventory count, the company has $ 55,900 of merchandise on hand. Last year Whispering Winds Warehouse Store had a gross profit margin of 19% and a profit margin of 9% 1 2 Prepare any additional required adjusting entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts:) Date Account Titles and Explanation Debit Credit Aug 31 Cost of Goods Sold Recht Out atende ventory to actual at year and Prepare a single-step income statement. (Enter negative amounts using either a negative sign preceding the number 6-150r parentheses (451) WHISPERING WINDS WAREHOUSE STORE Income Statement Prepare a single step income statement. (Enter negative amounts using alther a negative sin preceding the number is -45 or parentheses os. 1451 WHISPERING WINDS WAREHOUSE STORE Income Statement $ Actu Calculate gross profit margin and profit margin. Compare with last year's margins and comment on the results. (Hint: You will have to calculate the gross profit amount separately) (Round answers to 1 decimal place, es, 52.7%) Gross profit margin % Profit margin The gross profit margin has from 2020 to 2021 The profit margin has from 2020 to 2021 Activate Wine