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Wildhorse Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting

Wildhorse Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the companys fiscal year on November 30, 2025, these accounts appeared in its adjusted trial balance.

Accounts Payable

$ 39,400

Accounts Receivable

25,600

Accumulated DepreciationEquipment

102,000

Cash

12,000

Common Stock

52,500

Cost of Goods Sold

928,200

Freight-Out

9,730

Equipment

238,590

Depreciation Expense

20,700

Dividends

18,000

Gain on Disposal of Plant Assets

3,000

Income Tax Expense

15,000

Insurance Expense

13,500

Interest Expense

7,500

Inventory

39,100

Notes Payable

65,250

Prepaid Insurance

9,000

Advertising Expense

50,250

Rent Expense

51,000

Retained Earnings

34,360

Salaries and Wages Expense

178,040

Salaries and Wages Payable

9,000

Sales Returns and Allowances

30,000

Sales Revenue

1,356,000

Utilities Expense

15,300

Additional data: Notes payable are due in 2029.

Wildhorse Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the companys fiscal year on November 30, 2025, these accounts appeared in its adjusted trial balance.

Accounts Payable

$ 39,400

Accounts Receivable

25,600

Accumulated DepreciationEquipment

102,000

Cash

12,000

Common Stock

52,500

Cost of Goods Sold

928,200

Freight-Out

9,730

Equipment

238,590

Depreciation Expense

20,700

Dividends

18,000

Gain on Disposal of Plant Assets

3,000

Income Tax Expense

15,000

Insurance Expense

13,500

Interest Expense

7,500

Inventory

39,100

Notes Payable

65,250

Prepaid Insurance

9,000

Advertising Expense

50,250

Rent Expense

51,000

Retained Earnings

34,360

Salaries and Wages Expense

178,040

Salaries and Wages Payable

9,000

Sales Returns and Allowances

30,000

Sales Revenue

1,356,000

Utilities Expense

15,300

Additional data: Notes payable are due in 2029.image text in transcribed

(b) Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2\%) Profit margin % Gross profit rate % eTextbook and Media List of Accounts Attempts: 0 of 3 used

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