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Need help with this Accounting Problem Financial information follows for three different companies: Determine the missing amounts. Crane Cosmetics Pronghorn Grocery Larkspur Footware Sales $240,000
Need help with this Accounting Problem
Financial information follows for three different companies: Determine the missing amounts. Crane Cosmetics Pronghorn Grocery Larkspur Footware Sales $240,000 (e) $ $293,000 Sales returns and allowances (a) 25,000 20,000 Net sales 216,000 348,000 (0) Cost of goods sold 101,000 (f) 0) Gross profit (b) 202,000 161,000 Operating expenses 48,000 (g) 95,000 Profit from operations (c) h (h) (k) Other expenses 8,000 10,000 (1) Profit (d) 67,000 48,000 e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer GS Retail reported the following for the past two fiscal years: 2021 2020 Net sales $953,000 $795,000 Cost of goods sold 600,390 496,875 Profit 71,475 65,985 Calculate the gross profit margin and profit margin for both years. (Round answers to 2 decimal places, e.g. 12.73%.) 2021 2020 Gross profit margin % Profit margin % % e Textbook and Media Comment on any changes in profitability. GS Retail's profitability has Current Attempt in Progress For each of the items in the following list, identify where it is included on a bank reconciliation: 1. EFT payment made by a customer 2. Bank debit memorandum for service charges 3. Outstanding cheques from the current month > Date Account Titles and Explanation Debit Credit Oct. 31 (To correct error in recording cheque issued and to record electronic receipt from customer & interest earned) Oct. 31 (To record NSF cheque & bank service charge expense and to rectify error in recording sales)Step by Step Solution
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