Find the gross margin and net income

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Reference no: EM131499251

Question: 1. At the end of an accounting period, it was determined that employee wages of $858 and management salaries of $1,400 have been earned. Journalize the entry to accrue the wages and salaries expense.

2. A restaurant reported the following for the first quarter of Year 2007: Sales revenue (SR) of $420,680, cost of sales (CS) $201,928, and total expenses (E) of $175,170. Find the gross margin (GM) and net income (NI).

Reference no: EM131499251

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Find the gross margin and net income : At the end of an accounting period, it was determined that employee wages of $858 and management salaries of $1,400 have been earned.

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