The accounts of Fluffy and Ruffly Pet Services show net sales of $140,000, operating expenses of $56,000, gross profit of $85,000, and net income of $29,000. What was the profit margin?Group of answer choices19.3%40.0%20.7%60.7%

The accounts of Fluffy and Ruffly Pet Services show net sales of $63,000, operating expenses of $15,750, gross profit of $37,800, and profit before tax of $22,050. What was the cost of the inventory sold during the year?Group of answer choices$15,750$25,200None of the other answers$40,950$47,250Next

At the end of the accounting period, prior to any closing entries, the balance of Fluffy and Ruffly Pet Services accounts included: the cash account $160,000, service revenue $210,000, and cost of goods sold $126,000. The profit for the period was $6,300. The closing entries results in the:Group of answer choicescash decreasing by $160,000, service revenue increasing by $210,000, cost of goods sold increasing by $126,000, and retained profits decreasing by $6,300.cash remaining unchanged at $160,000, service revenue decreasing to $0, cost of goods sold decreasing to $0, and retained profits decreasing by $6,300.cash remaining unchanged at $160,000, service revenue decreasing to $0, cost of goods sold decreasing to $0, and retained profits increasing by $6,300.None of the other answerscash decreasing to $0, service revenue decreasing to $0, cost of goods sold decreasing to $0, and retained profits decreasing to $0

Fluffy and Ruffly Pet Services reported $140,000 for current assets and $196,000 for other assets. It also had $49,000 of current liabilities and $78,400 of long-term liabilities. The quick assets totalled $84,000. What is the amount of working capital?Group of answer choices$35,000$208,600$117,600$91,000None of the other answers

Fluffy and Ruffly Pet Services reported $60,000 for current assets and $66,000 for other assets. It also had $42,000 of current liabilities and $58,800 of long-term liabilities. The quick assets totalled $36,000. What is the current ratio?Group of answer choicesNone of the other answers1.12:11.25:10.86:11.43:1

Question 2Lou's Tavern recorded $60,000 in sales revenue and a cost of goods sold of $45,000 on their income statement this month. What is their Gross Profit Margin? (enter your answer as a decimal and round to the nearest hundredth, example x.xx)