The CEO of Trust-T Parts asks his accountant to report on the company's profit margin. Trust-T Parts had sales of $750,000 and returns and allowances of $20,000. Its gross profit was $215,000 and it had operating expenses of $175,000 and income taxes of $5,000. Help the accountant with her calculations.

Pass the journal entries.

Answer rating: 100% (QA)

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