The following information pertains to Cobb Corporation's financial results for the past year.

Required:

1. Calculate Cobb's gross profit margin ratio. Round your answer to the nearest whole percent. %

2. Calculate Cobb's net profit margin ratio. Round your answer to the nearest whole percent. %

Link Communications programs voicemail systems for businesses. For a recent project, they charged $135,000. The customer secured this amount by signing a note bearing 9% interest on February 1, 2013.

Required:

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1. Prepare the journal entry to record the sale on February 1, 2013.

	Account and Explanation	Debit	Credit
	Record sale

Metzler Communications designs and programs a website for a local business. Metzler charges $46,000 for the project, and the local business signs an 8% note January 1, 2013.

Required:

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1. Prepare the journal entry to record the sale on January 1, 2013.

	Account and Explanation	Debit	Credit
	Record sale