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Question 2) Anika's Department Store is located near the Anika Boulevard Shopping Mall. At the end of the company's fiscal year on December 31, 2020,
Question 2) Anika's Department Store is located near the Anika Boulevard Shopping Mall. At the end of the company's fiscal year on December 31, 2020, the following accounts appeared in its adjusted trial balance. Accounts Payable $ 73,300 Accumulated Depreciation-Buildings 52.500 Accumulated Depreciation Equipment 42,600 Common Stock 144,000 Depreciation Expense-Equipment 23,400 Equipment 122,000 Income Tax Expense 17.700 Interest Revenue 7,000 Inventory 43.000 Mortgage Payable ?????? Maintenance and Repairs Expense 6,200 Salaries and Wages Expense 111.000 Salaries and Wages Payable 18,500 9,900 Sales Discounts Accounts Receivable $ 43,500 Buildings 252,000 Cash 77,700 Cost of Goods Sold 399,000 Dividends 27,000 Loss on Disposal of Plant Assets 4,300 Insurance Expense 8,400 Interest Payable 2.000 Land 50.000 Prepaid Insurance 9.400 Retained Earnings, Jan 1 31,300 Sales Revenue 666,600 Sales Returns and Allowances 8.800 Utilities Expense 11,000 Additional Data: $44.400 of the mortgage payable is due within the next year. The remaining portion will be paid after next year. Instructions (in color): A Prepare a multiple-step income statement, a retained earnings statement, and a classified balance sheet. B. Calculate the profit margin and the gross profit rate (make sure final answer is 2 decimals as a %)
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