The adjusted account balances of Johanna Ltd., at December 31, 2017, are as follows: 

Accounts receivable....................... 6,000 Bank overdraft......................... $ 2,300

Notes receivable............................. 6,000 Accounts payable..................... 11,000

Inventory......................................... 17,600 Notes payable........................... 56,800

Equipment...................................... 74,000 Accumulated depreciation—

Depreciation expense.................... 22,900 equipment................................. 9,200

J. Johanna, drawings..................... 16,000 Sales.......................................... 62,500

Maintenance expense.................... 2,200 Rent revenue............................. 10,000

Sales discounts.............................. 3,300 J. Johanna, capital..................... 18,000

Cost of goods sold......................... 20,000

Sales returns and allowances........ 1,800 ______

$169,800 $169,800

Instructions

a) Compute the Net Sales for the above income statement for the year ended December 31, 2017

b) Compute Gross Profit

c) Compute Profit

d) Compute the Gross Profit margin (round to the nearest whole percentage)

e) Compute Profit margin (round to the nearest whole percentage)

Complete calculations on the worksheet or space below. Just show the answers in the spaces below:

a) __________________________________

b)___________________________________

c)___________________________________

d)___________________________________

e)___________________________________

Answer rating: 100% (QA)

a Net Sales Sales Sales Returns and Allowances Sales Discounts Net Sales 62500 1800 ... View the full answer