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what is the gross margin ratio in this problem? Required information [The following information applies to the questions displayed below.] The following unadjusted trial balance
what is the gross margin ratio in this problem?
Required information [The following information applies to the questions displayed below.] The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson Company uses a perpetual inventory system, It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. Additional Information: a. Store supplies still avallable of fiscal year-end amount to $2,000. b. Expired insurance, an administrotive expense, is $1,450 for the fiscal year. c. Depreciation expense on store equipment, a selling expense, is $1,575 for the fiscal year. a. Store supplies still available at fiscal year-end amount to $2,000. b. Expired insurance, an administrative expense, is $1,450 for the fiscal year. c. Depreciation expense on store equipment, a selling expense, Is $1,575 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,100 of inventory is still available at fiscal year-end. 4. Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31. Note: Round your answers to 2 decimal places Step by Step Solution
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