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An alphabetical list of Sandhills Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal balances.

An alphabetical list of Sandhills Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal balances. Accounts payable $15,550 Notes payable $42,000 Accumulated depreciation-equipment 14,000 Prepaid insurance 575 Accumulated depreciation-furniture 17,500 R. Smistad, capital 65,750 Cash 19,390 R. Smistad, drawings 80,000 Cost of goods sold 271,800 Rent expense 24,900 Depreciation expense 7,080 Salaries expense 50,800 Equipment 35,000 Salaries payable 2,250 Furniture 42,000 Sales 472,000 Insurance expense 3,575 Sales returns and allowances 16,300 Interest expense 2,170 Supplies 950 Interest payable 565 Supplies expense 6,325 Merchandise inventory 71.350 Unearned revenue 2,600 Additional information: 1. Of the notes payable, $6,100 becomes due on February 17, 2022. The balance is due in 2023. 2. On July 18, 2021, R. Smistad invested $3,800 cash in the business. Cost of Goods Sold 271,800 i Gross Profit/(Loss) 183900 Operating Expenses V Depreciation Expense $ 7,080 i Insurance Expense 3,575 i Rent Expense 24,900 i Salaries Expense 50,800 i Supplies Expense 6,325 i Total Operating Expenses 92680 i Profit/(Loss) 91220 Other Expenses Interest Expense 2,170 i $ Net Sales 89050 Prepare a statement of owner's equity. SANDHILL COMPANY Statement of Owner's Equity For the Year Ended August 31, 2021 R. Smistad, Capital. August 31, 2021 Add : Operating Expenses $ DOME $ SANDHILL COMPANY Balance Sheet Assets [ [ [ [ [ $ $ II Liabilities and Owner's Equity $ $ e Textbook and Media Calculate the gross profit margin and profit margin. (Round answers to 1 decimal place, e.g. 52.7%.) Gross profit margin % Profit margin %