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The adjusted trial balance of Club Canada Wholesale Inc. contained the following accounts at December 31. the company's year end: CLUB CANADA WHOLESALE INC. Adjusted Trial Balance December 31, 2018 Debit Credit Cash $11.800 Accounts receivable 17.700 Prepaid insurance 2,400 Inventory 103,800 Supplies 6,200 Land 129,800 220.800 Buildings Accumulated depreciation-buildings $ 92.100 Equipment $ 94,800 31.900 Accumulated depreciation equipment Accounts payable 61,400 9.900 Unearned revenue 3.900 Income tax payable 97400 Bank loan payable 55.000 Common shares 141.900 Retained earnings 1.100.000 Sales Sales 22200 35,000 Retained earnings 141.900 Sales 1.100,000 23,400 15,000 812,600 89.300 Sales returns and allowances Sales discounts Cost of goods sold Administrative expenses Selling expenses Interest expense Interest revenue Income tax expense 38,700 12,500 2.400 17.100 $ 1.595,900 $ 1.595,900 * Your answer is incorrect. Calculate the profit margin and gross profit margin. (Round all amounts to 1 decimal place, 63.5.2.) 26.1 Gross profit margin 13.4 %6 Profit margin X x x Your answer is incorrect. The vice-president of marketing and director of human resources have proposed that the company change its compensation of the sales force to a commission basis rather than paying a fixed salary. Given the extra incentive, they expect net sales to increase by 15%. They estimate that gross profit will increase by $ 24.900, operating expenses by $ 14,100, and income tax expense by $ 2,500. Non-operating expense is not expected to change. Calculate the expected new gross profit and net income amounts. (Hint: You do not need to prepare a formal income statement.) (Round answers to the nearest whole dollar, eg. 5,275) Expected new gross profit 312300 $ 138100 Expected net income amount X Your answer is incorrect. Calculate the revised gross profit margin and profit margin. (Round all amounts to 1 decimal place, as 5.2.) 24.2 96 Revised gross profit margin 10,9 96 Revised profit margin

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