The accounting records of Michigan Shoe Store at December 31 list the following: Cash $...
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Accounting
The accounting records of Michigan Shoe Store at December 31 list the following: Cash $ 32,100 Accounts Receivable 48,600 Accounts Payable 34,300 Advertising Expense 9,200 Cost of Goods Sold 254,700 Interest Revenue 3,400 Inventory 64,800 Rent Expense 42,000 Salaries Expense 112,300 Sales Revenue 585,000 Sales Discounts 8,400 Sales Returns and Allowances 10,600 Selling Expenses 75,200 a. Compute Net Sales: b. Compute Gross Profit Margin c. Compute Net Income d. Compute the Gross Profit Percentage
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