The following information pertains to Cobb Corporation\'s financial results for

Question

The following information pertains to Cobb Corporation's financial results for the past year.

Required:

1. Calculate Cobb's gross profit margin ratio. Round your answer to the nearest whole percent.
   %

2. Calculate Cobb's net profit margin ratio. Round your answer to the nearest whole percent.
   %

Link Communications programs voicemail systems for businesses. For a recent project, they charged $135,000. The customer secured this amount by signing a note bearing 9% interest on February 1, 2013.

Required:

Hide

1. Prepare the journal entry to record the sale on February 1, 2013.

Account and Explanation

Debit

Credit

Record sale

Metzler Communications designs and programs a website for a local business. Metzler charges $46,000 for the project, and the local business signs an 8% note January 1, 2013.

Required:

Hide

1. Prepare the journal entry to record the sale on January 1, 2013.

Account and Explanation

Debit

Credit

Record sale

The following information pertains to Cobb Corporation's financial results for the past year.

Required:

1. Calculate Cobb's gross profit margin ratio. Round your answer to the nearest whole percent.
   %

2. Calculate Cobb's net profit margin ratio. Round your answer to the nearest whole percent.
   %

Explanation / Answer

1) a)Account receivable 46000

Sales revenue 46000

(record sale)

b) Notes receivable 46000

Account receivable 46000

(record issuance of notes receivable)

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