Pina Colada Corp.reported net sales $ 705,000, cost of goods sold $ 437,100, operating expenses $ 153,000, and net income $ 85,305. Calculate the profit margin and gross profit rate. (Round Profit margin answer to 2 decimal places, e.g. 10.20%. Round Gross profit rate answer to O decimal place, e.g. 10%.) Profit margin % Gross profit rate % Anthony Walker, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. Walker pays no costs in March, $3,000 in April, and $2,640 in May (incurred in April). How much expense should the firm deduct from revenues in the month when it recognizes the revenue? Expense the should firm deduct from revenues $ Martinez Equipment Repair began operating in September 2022. It prepares financial statements at the end of each month. On November 1, 2022, a tabular summary includes the following information. Note that Martinez began the month with $2,880 in Retained Earnings. This balance represents the results of its first two months of business. S Assets Liabilities Accts. Rec. eg.Ex Acc. Depr.- Equip. Accts. Pay. Unearn. Serv. Rev. Sal./Wages + Pay. Con Stoc Cash + + Supplies - Equip. + + 11/1 Bal. 2,680 + 2,792 + 1,072 + 9,600 - 480 2.208 384 + 592 + 9,60 During November, the following summary transactions were completed. Nov. Paid $ 1,168 for salaries due employees, of which $ 576 is for November and $ 592 is for October salaries payable. 8 10 Received $ 1,728 cash from customers in payment of account. 12 Received $3,552 cash for services performed November 15 Purchased store equipment on account $3,456. 17 Purchased supplies on account $ 1,248. 20 Paid creditors $2,400 of accounts payable due. 22 Paid November rent $ 464. 25 Paid salaries $ 960. 27 Performed services on account worth $ 864 and billed customers. 29 Received $ 720 from customers for services to be performed in the future. Adjustment data: 1. Supplies on hand are valued at $ 1,056. 2. Accrued salaries payable are $ 464. 3. Depreciation for the month is $240. 4. Services were performed to satisfy $ 480 of unearned service revenue. (a-d) Use the tabular summary below to complete the following. (If a transaction results in a decrease in Assets, Liabilities or tockholders' Equity, place a negative sign parentheses) front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) (a) Record the November transactions. Include explanations for amounts in the revenue or expense column. (b) Compute the balance in each column after recording the November 29 transaction. (c) Record adjustments. (d) Compute the adjusted balance in each column. The selected accounts from the Grouper Corp.'s accounting records are presented below for the year ended December 31, 2022: Advertising expense $ 50,600 Interest revenue $ 27,600 Common stock 230,000 Inventory 61,640 Cost of goods sold 998,200 Rent revenue 22,080 Depreciation expense 115,000 Retained earnings 492,200 Dividends 138,000 Salaries and wages expense 621,000 Freight-out 23.000 Sales discounts 7,820 Income tax expense 64,400 Sales returns and allowances 37,720 Insurance expense 13,800 Sales revenue 2,208,000 Interest expense 64,400 Prepare a multiple-step income statement. GROUPER CORP. Income Statement $ $
