Financial Information Is Presented Here for Two Companies Instructions
(A) Compute the Missing Amounts

Financial information is presented here for two companies. $\begin{array}{lrr}& \text{ \underline{\text{ King Company }} } & \text{ \underline{\text{ Queen Company }} } \\\text{ Sales revenue } & \$56,000 & ? \\\text{ Sales returns and allowances } & ? & 5,000 \\\text{ Net sales } & 50,000 & 80,000 \\\text{ Cost of goods sold } & 33,000 & ? \\\text{ Gross profit } & ? & 32,000 \\\text{ Operating expenses } & 12,000 & ? \\\text{ Net income } & ? & 14,000 \\ \end{array}$ Instructions
(a) Compute the missing amounts.
(b) Calculate the profit margin and the gross profit rate for each company.