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An alphabetical list of Pharoahs Company adjusted accounts at its fiscal year end, August 31,...

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Accounting

An alphabetical list of Pharoahs Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal balances.

Accounts payable

 $15,560

Notes payable

 $42,000

Accumulated depreciationequipment

 14,000

Prepaid insurance

 575

Accumulated depreciationfurniture

 17,500

R. Smistad, capital

 65,750

Cash

 15,940

R. Smistad, drawings

 79,000

Cost of goods sold

 272,300

Rent expense

 24,200

Depreciation expense

 7,090

Salaries expense

 50,000

Equipment

 35,000

Salaries payable

 2,250

Furniture

 42,000

Sales

 466,000

Insurance expense

 3,575

Sales returns and allowances

 16,300

Interest expense

 2,180

Supplies

 950

Interest payable

 525

Supplies expense

 6,325

Merchandise inventory

 70,750

Unearned revenue

 2,600

Additional information: 1. Of the notes payable, $6,800 becomes due on February 17, 2022. The balance is due in 2023. 2. On July 18, 2021, R. Smistad invested $4,000 cash in the business.

1.Calculate the gross profit margin and profit margin. (Round answers to 1 decimal place, e.g. 52.7%.)

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