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The following is the adjusted trial balance data for Emma's Alterations as of December 31, 20 Emma's Alterations Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit Cash $600,538 Accounts Receivable 51,689 Equipment 199,430 Merchandise Inventory 171,744 Accounts Payable $236,893 Common Stock 502,200 Sales 396,893 Interest Revenue 100,976 Rent Revenue 65,100 Sales Salaries Expense 27,250 Office Supplies Expense 6,103 Sales Discounts 61,347 Interest Expense 3,570 Sales Returns and Allowances 55,632 Cost of Goods Sold 90,300 Rent Expense 10,600 Depreciation Expense-Office Equipment 8,560 Insurance Expense 3,421 Advertising Expense 11,878 Totals $1,302,062 $1,302,062

The following is the adjusted trial balance data for Emma's Alterations as of December 31, 20 Emma's Alterations Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit Cash $600,538 Accounts Receivable 51,689 Equipment 199,430 Merchandise Inventory 171,744 Accounts Payable $236,893 Common Stock 502,200 Sales 396,893 Interest Revenue 100,976 Rent Revenue 65,100 Sales Salaries Expense 27,250 Office Supplies Expense 6,103 Sales Discounts 61,347 Interest Expense 3,570 Sales Returns and Allowances 55,632 Cost of Goods Sold 90,300 Rent Expense 10,600 Depreciation Expense-Office Equipment 8,560 Insurance Expense 3,421 Advertising Expense 11,878 Totals $1,302,062 $1,302,062

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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a,b, and c please 

The following is the adjusted trial balance data for Emma's Alterations as of December 31, 2019. Emma's Alterations Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit Cash $600,538 Accounts Receivable 51,689 Equipment 199,430 Merchandise Inventory 171,744 Accounts Payable $236,893 Common Stock 502,200 Sales 396,893 Interest Revenue 100,976 Rent Revenue 65,100 Sales Salaries Expense 27,250 Office Supplies Expense 6,103 Sales Discounts 61,347 Interest Expense 3,570 Sales Returns and Allowances 55,632 Cost of Goods Sold 90,300 Rent Expense 10,600 Depreciation Expense-Office Equipment 8,560 Insurance Expense 3,421 Advertising Expense 11,878 Totals $1,302,062 $1,302,062
Transcribed Image Text:The following is the adjusted trial balance data for Emma's Alterations as of December 31, 2019. Emma's Alterations Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit Cash $600,538 Accounts Receivable 51,689 Equipment 199,430 Merchandise Inventory 171,744 Accounts Payable $236,893 Common Stock 502,200 Sales 396,893 Interest Revenue 100,976 Rent Revenue 65,100 Sales Salaries Expense 27,250 Office Supplies Expense 6,103 Sales Discounts 61,347 Interest Expense 3,570 Sales Returns and Allowances 55,632 Cost of Goods Sold 90,300 Rent Expense 10,600 Depreciation Expense-Office Equipment 8,560 Insurance Expense 3,421 Advertising Expense 11,878 Totals $1,302,062 $1,302,062
A. Use the data provided to compute net sales for 2019. 308,296 x B. Compute the gross margin for 2019. 217,996 x C. Compute the gross profit margin ratio (rounded to nearest hundredth).
Transcribed Image Text:A. Use the data provided to compute net sales for 2019. 308,296 x B. Compute the gross margin for 2019. 217,996 x C. Compute the gross profit margin ratio (rounded to nearest hundredth).
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