q9 - financial accounting

Calculate gross profit margin and profit margin. Compare with last year's margins and comment on the results. (Hint: You will have to calculate gross profit separately.) (Round answers to 1 decimal place, e.g. 52.7\%.) Gross profit margin Profit margin The gross profit margin has from 2023 to 2024 . The profit margin has from 2023 to 2024. Question 9 of 11 12.58/21 Aug 31 (To clase income statement accounts with debit balances) Aug-31 Post above entries to the Income Summary account. (Post entries in the order of journal entries presented above. For balances ending in 0 select "Bal." for the date and 0 for the amount for the normal balance of the occount and for an Income Summary account, enter the ending balance on the credit side.) eTextbook and Media View Policies Show Attampt History Current Attempt in Progress Flounder Warehouse Store has an August 31 fiscal year end and uses a perpetual inventory sistem and the earnings approach. An aphabetical list of its accoumt balances at August 31,2024 , folloms. All acceunts have normal balances. Prepare the closing entries. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Additional information: 1. All adjustments have been recorded and posted except for the inventory adjustment. According to the inventory count, the company has $54,000 of merchandise on hand. 2. Last year Flounder Warehouse Store had a gross profit margin of 21.1% and a profit margin of 10.0%. (a) Your answor is correct: Prepare any additional required adjusting entry. (CCredit account titles are automatically indented when the amount is enternd. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List debit entrr before credit entry] Prepare a single-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.8. (45).)