Question 1 View Policies Show Attempt History Current Attempt in Progress - Your answer is partially correct. Pharoah Company buys merchandise on account from Cullumber Company. The selling price of the goods is $1,385 and the cost of the goods sold is $650. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do Account Titles and Explanation Debit Credit Pharoah Company 1,385 1,385 Cullumber Company 1,385 1,385 (To record sale of merchandise) 650 650 Question 6 View Policies Current Attempt in Progress Tamarisk, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $135,000 $108,000 Cost of goods sold 81,000 64,750 Operating expenses 28,750 14,500 Income tax expense 16,250 9,000 Net income $9,000 $19,750 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7.) 2017 2016 Gross profit rate Profit margin Question 8 View Policies Current Attempt in Progress Sandhill Co. provides this information for the month ended October 31, 2017: sales on credit $307,800; cash sales $154,800; sales discounts $5,970; and sales returns and allowances $23,520. Prepare the sales section of the income statement based on this information. SANDHILL CO. Income Statement (Partial) $ Question 5 View Policies Current Attempt in Progress Indigo Corporation reported net sales of $240,600, cost of goods sold of $101.100, operating expenses of $59,300, net income of $43,300, beginning total assets of $492,900, and ending total assets of $637.000. Calculate profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 10.5%.) Profit margin Gross profit rate