Special Mid Assignment - STUDENTS.doc Download A Alternative for Page of 8 26. Compute profit margin ratio given the following information. Cost of goods sold $175,000; Net profit $56,320; gross profit $97,800. A. 20.65% B. 57.58% C 32.18% 3 points D 55,89% 3 25. Determine the net income using the following transactions of Chatter Company. 1. Paid $2,000 for one month rent 2. Paid $1,200 for two weeks wages 3. Performed $5,200 in consulting services on account 4. Billed a customer $1,500 for services performed 5. Received $5,200 in payment for item 3 6. Performed services and immediately collected $2,000 7. Paid $500 for advertising in the local paper 8. Received cash of $2,100 from a customer, as payment in advance for work to be performed in two months. A. $10,200 B. $5,000 C $8,700 D. $13,900