An alphabetical list of Sandhills Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts he normal balances. Accounts payable $15,580 Notes payable $42,000 Accumulated depreciation-equipment 14,000 Prepaid insurance 575 Accumulated depreciation-furniture 17,500 R. Smistad, capital 65,750 Cash Cost of goods sold 24,840 R. Smistad, drawings 77,000 271,600 Rent expense 24,000 Depreciation expense Equipment Furniture Insurance expense 7,080 Salaries expense 50,300 35,000 Salaries payable 2,250 42,000 Sales 472,000 3.575 Sales returns and allowances 16,300 Interest expense 2,160 Supplies 950 575 Interest payable Supplies expense 6.325 70,550 Unearned revenue 2.600 Merchandise inventory Question 4 of 5 R. Smistad, Capital, September 1, 2020 Add Profit/(Loss) Investments SANDHILL COMPANY Statement of Owner's Equity For the Year Ended August 31, 2021 $ 90660 3800 Less Drawings R. Smistad, Capital, August 31, 2021 S 2.32/3 65750 94460 160210 77000 i 83210 E Current Assets Cash Merchandise Inventory Supplies Prepaid Insurance Balance Sheet August 31, 2021 Assets Total Current Assets Property, Plant, and Equipment 3 Equipment v 35000 Less v Accumulated Depreciation-Equipment 14000 $ 21000 Furniture 42000 ment $ 35000 14000 42000 re 17500 64 $ 21000 24500 28640 70550 950 575 100715 45500 $ 146215 Your answer is pa lally correct. Calculate the gross profit margin and profit margin. (Round answers to 1 decimal place, 52.7%) Gross profit margin Profit margin 4083 % 19.89 96 eTextbook and Media