An alphabetical list of Cranes Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal balances. Accounts payable $15.560 Notes payable $42,000 Accumulated depreciation equipment 14,000 Prepaid insurance 575 Accumulated depreciation-furniture 17.500 R. Smistad, capital 65.750 Cash 26,760 R. Smistad, drawings 76,000 Cost of goods sold 271.900 Rent expense 24.200 Depreciation expense 7.050 Salaries expense 50,200 2.250 Equipment 35,000 Salaries payable Furniture 42,000 Sales 434,000 Insurance expense 3,575 Sales returns and allowances 16,300 Interest expense 2.190 Supplies 950 Interest payable 615 Supplies expense 6,325 Merchandise inventory 71.250 Unearned revenue 2.600 Additional information: 1. Of the notes payable, $6,500 becomes due on February 17, 2022. The balance is due in 2023 2. On July 18, 2021, R. Smistad invested $3,900 cash in the business. CRANE COMPANY Statement of Owner's Equity For the Year Ended August 31, 2021 R. Smistad, Capital, August 31, 2021 65750 Add : Profit/(Loss) 92260 Investments 3900 96160 161910 Drawings 760001 R. Smistad. Capital, September 1, 2020 85910 e Textbook and Media CRANE COMPANY Balance Sheet August 31, 2021 Assets Current Assets 30660 Merchandise Inventory 71250 Supplies 950 Prepaid Insurance 575 Total Current Assets 103435 Property. Plant, and Equipment Equipment 35000 Less : Accumulated Depreciation Furniture 17500 5 17500 Furniture 42000 Les 28000 : Accumulated Depreciation Fouiment WS Google less Accumulated Depreciation Equipment 14000 28000 Total Property, Plant and Equipment 45500 Total Assets 148935 Current Liabilities Accounts Payable 15560 Notes Payable Interest Payable Salaries Payable Uneaned Revenue 2600 Total Current Liabilities 27525 Long term Liabilities Notes Payable Totallaties 69525 Oi e 40 ING empreus 6 Google Long-term Liabilities Notes Payable 42000 Total Liabilities 69525 Owner's Equity R. Smistad, Capital Total Liabilities and Owner's Equity eTextbook and Media X Your answer is incorrect Calculate the gross profit margin and profit margin (Round answers to 1 decimal place, eg. 52.7%) Gross profit margin Profit margin