The adjusted trial balance of Concord Wholesale Inc. contained the following accounts at December 31, the company's year end: Concord Wholesale INC. Adjusted Trial Balance December 31, 2021 Debit Credit Cash $11,700 Accounts receivable 19.900 Prepaid insurance 2.700 Inventory 105,100 Supplies 6.300 Land 129.500 Buildings 220.300 $92,600 Accumulated depreciation--buildings Buildings 220,300 Accumulated depreciation-buildings $92,600 Equipment 95,200 32,600 Accumulated depreciation-equipment 59,700 Accounts payable 8,900 Deferred revenue 4,120 Refund liability 3.500 Income tax payable 98.600 Bank loan payable 54,000 Common shares 101,640 Retained earnings 1,097.100 Sales 804,700 Cost of goods sold Question 6 of 7 Bank loan payable 70,000 Common shares 54,000 Retained earnings 101,640 Sales 1,097.100 Cost of goods sold 804,700 Administrative expenses 88,500 Selling expenses 43,500 Interest expense 12.200 2,500 Interest income 15.700 Income tax expense $1,555,300 $1.555.260 (a) * Your answer is incorrect. Calculate the profit margin and gross profit margin. (Round all amounts to 1 decimal place, eg. 5.2%.) Gross profit margin % Profit margin 0.1 % e Textbook and Media Attempts: 1 of 3 used Submit Answer Save for Later