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Problem #2 Financial information is presented here for two companies. Arts Inc. Sales Sales returns...

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Problem #2 Financial information is presented here for two companies. Arts Inc. Sales Sales returns Sales discounts Net sales Cost of goods sold Gross profit Operating expenses Income from operations Other revenue Other expenses Income before income tax Income tax Net income $ (a) 16,000 4,000 614,000 (b) 190,000 131,250 (c) 6,600 4,250 (d) 15,700 47,400 Cass Inc. $ 643,500 14,000 (e) 620,000 419,800 200,200 (f) 39,700 (9) 1,500 41,400 (h) 35,800 Instructions (a) Fill in the missing amounts. SHOW your work. (8 marks) (b) Calculate the profit margin and the gross profit margin for each company. (4 marks)

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