3. Refer to the following table: What is the gross profit? Sales revenue $460,000 Cost of goods sold 300,000 Sales discounts 20,000 Sales returns and allowances 15,000 Operating expenses 85,000 Interest revenue 5,000
Q: Sales revenue $104,000 $enter a dollar amount Sales returns and allowances enter a dollar…
A: Sales returns and allowances = Sales revenue - Net sales Gross profit = Net sales - Cost of goods…
Q: The following information is given for Miller Company: Operating Expenses $ 90,000 Sales Returns and…
A: Formula: Net sales = Sales revenue - Sales returns and allowances - Sales discounts. Deduction of…
Q: During the current year merchandise is sold for 45,870,000. The cost of the merchandise sold is…
A: Gross Profit is one of the components of the profit and loss statement of your business. It is the…
Q: Shelcal, Inc. provides the following data for the year2017: Sales revenue $420,000 Sales…
A: We have the following information: Sales revenue: $420,000 Sales returns and allowances: $1,400…
Q: For Mortenson Company, the following informationis available: Cost of goods sold £240,000 Sales…
A: Net Sales = Gross Sales - Sales Discount Net Sales = $400,000 - $8,000 Net Sales = $392,000
Q: For Mortenson Company, the following information is available: Cost of goods sold ₤240,000 Sales…
A:
Q: Financial information is presented below: Operating expenses $ 35000 Sales returns and 9000…
A: Gross profit is an excess of revenue over the cost of goods sold.
Q: RJ Garcia Sound had sales of P600,000 and sales returns of P80,000. Cost of goods sold was P320,000…
A: Gross profit is an excess of revenue over the cost of goods sold. It indicates the profit before…
Q: Given the information below, what is the gross profit? Sales revenue $ 305,000…
A: The correct answer is $32,000.
Q: 4. The records of Ree-ree Co. show the following information: Increase in Accounts Payable…
A: The cost of goods sold is calculated as: Opening inventory + Purchases - Ending inventory
Q: If the net sales 1250 000 ID selling expenses 250 000 ID., Administrative expenses 250 000 ID., the…
A: Introduction: Gross profit: Deduction of cost of goods sold from the sales value drives the Gross…
Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The cost of…
A: Gross profit:Gross profit can be defined as the profit generated from deducting the cost of goods…
Q: Financial information is presented below: Operating Expenses €180,000 Sales Returns and Allowances…
A: Sale discount and returns=Sale return+Sale discounts=30,000+20,000=50,000
Q: A company shows the following balances: Sales $1,000,000 225,000 25,000 600,000 Sales Returns and…
A: Gross profit is calculated as difference between sales and cost of goods sold. Gross profit % is…
Q: Financial information is presented below: Operating Expenses $ 90,000 Sales Returns and 26,000…
A: The gross profit margin is calculated as gross profit divided by net sales revenue. Gross profit =…
Q: Cushman Company had $824,000 in sales, sales discounts of $12,360, sales returns and allowances of…
A: Calculation of gross profit are as follows:
Q: During the current year, merchandise is sold for $118,700 cash and $454,300 on account. The cost of…
A: Formula: Gross profit = Sales - Cost of goods sold
Q: During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost…
A: Revenue (Cash) = 366,100 Revenue (Credit) = 1,420,000 Total Revenue = Cash Revenue + Credit Revenue…
Q: 7)Refemng to the following table, what is Net sales revemue? $460,000 Sales revenue Cost of goods…
A: Formula: Net sales revenue = Sales revenue - sales discounts - sales returns and allowances
Q: sing the financial information presented below: Operating Expenses $ 55,000…
A: Answer 1) Formula: Gross Profit = Net Sales – Cost of Goods Sold Gross Profit = (Sales – Sales…
Q: How much is net income
A: Net income = Sales + other income - cost of sales + opening inventory - closing inventory -…
Q: question
A: The gross profit can be referred to as the profit which the company makes after subtracting all the…
Q: Using the financial information is presented below: Operating Expenses $ 55,000…
A: Solution: Net sales = Sales - Sales returns and allowances - Sales discount = $160,000 - $13,000 -…
Q: Financial information is presented below: Operating expenses $ 42,000 Sales returns and allowances…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: During the current year, merchandise is sold for $315,800 cash and $1,225,000 on account. The cost…
A: Profit in simple terms is the difference between revenues and cost. It is the gain acquired for…
Q: Cushman Company had $842,000 in sales, sales discounts of $12,630, sales returns and allowances of…
A: Gross profit is an excess of revenue over the cost of goods sold. It is the profit before deducting…
Q: Gross Profit During the current year, merchandise is sold for $140,400 cash and $588,600 on…
A: The cash or profit that is still available after production costs are deducted from sales is known…
Q: Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net…
A: Return on total asset is a financial measure to calculate the net income earned by the company…
Q: . The records of Ree-ree Co. show the following information: Increase in accounts payable…
A: Cost of goods sold = Disbursements for purchases + Increase in accounts payable + Decrease in…
Q: Financial information is presented below: Operating expenses $ 42,000 Sales returns and allowances…
A: The income statement represents the net income or net loss that is calculated by deducting the…
Q: Cupery Co. has sales revenue of $117,000, cost of goods sold of $60,000, and operating expenses of…
A: Gross profit = Sales - Cost of goods sold Net profit = Gross profit - Operating expenses Gross…
Q: Sales 460,000 Cost of goods sold 300,000 Operating expenses 85,000 Sales discounts 20,000 Sales…
A: Solution: Net sales = Sales - Sales discounts - sales return and allowances = 460000 - 20000 - 15000…
Q: During the current year, merchandise is sold for $237,500 cash and $625,000 on account. The cost of…
A: Gross profit means sales revenue earned over and above cost of goods that are sold to customers.…
Q: Quartz Corporation had the following account balances: Sales, $875,000; Sales Returns and…
A: Net sales can be calculated by deducting sales returns and allowances from the gross sales value.
Q: A company shows the following balances: $2,500,000 Sales Revenue Sales Returns and 450,000…
A: Gross profit is the amount of profit earned by an entity after spending on all the expenses to earn…
Q: he following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…
A: Solution: Gross margin is computed as Net sales minus cost of goods sold.
Q: Sales- 750,000 Sales returns and allowances- 15,000 Sales discounts- 10,000 Purchases- 170,000…
A: Net sales = Sales - Sales returns and allowances - Sales discounts = 750,000 - 15000 - 10000 =…
Q: During the current year, goods sold in cash was $40,000 and $100,000 on credit. The cost of goods…
A: Formula: Gross profit = Sales - Cost of goods sold.
Q: he following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…
A: Solution: Net sales is computed as deducting sales discounts and returns and allowances from total…
Q: Net margin is 30% of the gross sales of 150,000. With Cost of Goods Sold amounting to 50,000, what…
A: Net margin = 30% Gross sales = 150000 COGS = 50000
Q: sing the financial information is presented below: Operating Expenses $ 55,000…
A: Formula: Gross Profit = Net Sales – Cost of Goods Sold Gross Profit = (Sales – Sales returns and…
Q: Given the following partial income statement informatic Sales $40,000 Less: Sales discounts (a)…
A: Net sales = Sales - Sales Discount - Sale return and allowances Sales Discount = Sales - Sale…
Q: Complete the following Common Size Income Statement:…
A: Given information : Particulars Amount Sales $ 14,000.00 Cost of goods sold $ 9,000.00…
Q: multi-step income statement
A: Multi-step income statement means an income statement in which items are classified according to…
Q: Al Flynn has gathered the following information. Could you help Al calculate his gross profit?…
A: Gross profit is calculated as net sales minus cost of goods sold
Q: Use the following to answer the questions Net Sales $750,000 Gross profit $310,000 Beginning…
A: Gross profit = Net sales - cost of goods sold Operating income = Gross profit - Operating expense…
Q: During the current year, merchandise is sold for $135,800 cash and $406,300 on account. The cost of…
A: Gross profit is considered as the difference between total sale and cost of goods sold.In simple…
Q: Interest expense = 36,000. Sales revenue = 2,195,000. Interest and dividends = 9,000. Selling…
A: Gross profit shows that income of the entity which it gets when the total net sale value of goods…
Q: The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…
A: Interest income is not considered as operating revenue.
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Which of the following is subtracted from Gross profit to arrive at Operating income?
- Calculate the gross profit from the following? Sales of OMR 20000, Cost of goods sold OMR 8000 and Return inwards OMR 6000, Return outwards 4000, Purchases 15000. a. OMR 5000 b. OMR 8000 c. OMR 6000 d. OMR 12000Calculate gross profit from the following? Sales OMR 50000, Cost of goods sold OMR 30000 and Return inwards OMR 10000. a. OMR 10000 O b. OMR 30000 O c. OMR 20000 O d. OMR 90000The following accounting records reveal: A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales. c. P230,000 c. P30,000 P110, 000 P60,000 P250,000 P10,000 P70,000 d. P24,000 d. P200,000
- Sales Cost of goods sold Operating expenses Sales discounts Sales returns and allowances Interest revenue P 460,000 300,000 85,000 20,000 15,000 5,000 From the details above, compute the net sales.Financial information is presented below: Operating expenses Sales returns and allowances 3000 Sales discounts Sales revenue Cost of goods sold The gross profit rate would be 0.40. 0.60. 0.44. $ 45000 0.38. 8000 180000 101000Calculate gross profit from the following? Sales OMR 10000, Cost of goods sold OMR 4000 and Return inwards OMR 2000 a.OMR 4000 b.OMR 10000 c.OMR 12000 d.OMR 6000
- Calculate the gross profit from the following? Sales OMR 10000, Cost of goods sold OMR 4000 and Return inwards OMR 4000, Return outwards 2000, Purchases 5000..Calculate the gross profit from the following? Sales OMR 25000, Cost of goods sold OMR 15000 and Return inwards OMR 2000.,Return outwards 5000, Purchases 5000 a. OMR 8000 b. OMR 5000 c. OMR 10000 d. OMR 15000If cost of goods sold is $520,000 and the gross profit rate is 20%, what is the gross profit? Select one: a. $2,600,000. b. $130,000. c. $ 520,000. d. $416,000.
- A company shows the following balances: Sales Revenue $2962000Sales Returns and Allowances 402000Sales Discounts 60000Cost of Goods Sold 1350000 What is the gross profit rate? 46.0%58.0%54.0%66.0%A company shows the following balances: Sales $1,000,000 225,000 25,000 600,000 13 Sales Returns and Allowances Sales Discounts Cost of Goods Sold What is the gross profit rate? a. 60% b. 80% c. 40% d. 20% Explorechapter 3 3. Given the information below, what is the profit dollars? Round your answer to the dollar and add a dollar sign and comma separator (i.e. $15,467) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140