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Financial information is presented here for two companies.Arts Inc.Cass Inc.Sales $960,000$ (e) Sales returns24,00018,000Sales discounts(a)12,000Net sales...

Financial information is presented here for two companies.Arts Inc.Cass Inc.Sales $960,000$ (e) Sales returns24,00018,000Sales discounts(a)12,000Net sales 920,000834,000Cost of goods sold 632,000(f) Gross profit 288,000 250,200Operating expenses(b)214,600Income from operations59,600(g)Other revenue(c)4,300Other expenses3,2001,800Income before income tax63,200(h)Income tax(d)7,400Net income50,60030,700Instructions(a) Fill in the missing amounts.SHOWyour work. (b) Calculate the profit margin and the gross profit margin for each company.

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ekkarill92 answered 1 year ago
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