1. Advantage company paid the annual rent on its new office space on March 1. The total for a year of rent was $3,600. How much rent expense would be shown on the advantage December 31 income statement?

Use the following information from Campbell Soup Company's income statements to calcu- late the company's profit margin on sales ratio. How does it compare with the ones calcu- lated for Hormel? Campbell Soup Company (dollars in millions) For the year ended For the year ended August 3, 2008 July 29, 2007 Net sales $7.998 $7,385 Net income $1,165 $ 854