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Problem -
An alphabetical list of Rikards Company's adjusted accounts at its fiscal year end, August 31, 2017, follows. All accounts have normal balances.
Accounts payable
$15,500
Notes payable
$42,000
Accumulated depreciation-equipment
14,000
Prepaid insurance
575
Accumulated depreciation-furniture
17,500
R. Smistad, capital
65,750
Cash
15,450
R. Smistad, drawings
80,000
Cost of goods sold
271,500
Rent expense
24,000
Depreciation expense
7,000
Salaries expense
50,000
Equipment
35,000
Salaries payable
2,250
Furniture
42,000
Sales
465,000
Insurance expense
3,575
Sales return and allowances
16,300
Interest expense
2,100
Supplies
950
Interest payable
525
Supplies expense
6,325
Merchandise inventory
70,350
Unearned revenue
2,600
Additional information:
1. Of the notes payable, $6,000 becomes due on February 17, 2018. The balance is due in 2019.
2. On July 18, 2017, R. Smistad invested $3,500 cash in the business.
Instructions:
(a) Prepare a multiple-step income statement, statement of owner's equity, and classified balance sheet.
(b) Calculate the gross profit margin and profit margin.
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