Homework Answers
Net Sales 2011 = 274000-12000 = 262000
1) Gross profit margin percentage = Gross profit/Net Sales = (262000-140000)/262000 = 46.56%
2) Operating margin percentage = Income from operation/Net Sales = 26100/262000 = 9.96%
b) Operating expense = 262000-140000-26100 = 95900
Net Sales = 262000*1.25 = 327500
Gross margin = 327500*46.56% = 152484
Operating margin percentage = (152484-95900)/327500 = 17.28%
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December 31, 2018
Debit
Credit
Cash
$12,700
Accounts receivable
21,500
Prepaid insurance
2,500
Inventory
104,500
Supplies
7,100
Land
128,200
Buildings
218,400
Accumulated depreciation—buildings
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Equipment
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Accumulated depreciation—equipment
34,000
Accounts payable
61,200
Unearned revenue
8,700
Income tax payable
3,500
Bank loan payable
99,100
Common shares
53,000
Retained earnings
136,300
Sales
1,104,100
Sales returns and allowances
23,800
Sales discounts
15,400
Cost of goods sold
808,000
Administrative expenses
88,900
Selling expenses
39,400
Interest expense
11,600
Interest revenue
2,700
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December 31, 2018
Debit
Credit
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Accounts receivable
21,500
Prepaid insurance
2,500
Inventory
104,500
Supplies
7,100
Land
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Buildings
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Sales returns and allowances
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