If net sales is $373,000 and cost of goods sold is $223,800, what is the gross profit and gross margin percentage?
Q: er governments? A.) To determine its budget B.) To levy taxes and set rates C.) To establish debt…
A: Powers of Municipality is from virtual autonomy to complete subordination to the state. Powers of…
Q: What amount of share premium should Berting Company record as a result of the conversion? 1,500,000…
A: To calculate the share premium arising from the conversion, we need to determine the fair value of…
Q: Tiberius Manufacturing is considering two alternative investment proposals with the following data:…
A: An accounting rate of return is one of the methods of capital budgeting that allows a company to…
Q: Peng Company is considering an investment expected to generate an average net inco after taxes…
A: Capital budgeting is the process of evaluating and selecting long-term investments that will benefit…
Q: Suppose that Ivanhoe Automated Retail Company has the following inventory data: Nov. 1 Inventory 24…
A: LIFO (Last in first out) is one of the methods of inventory management used to calculate the value…
Q: Required m. Determine the avoidable cost per unit of making the bike frames, assuming that Rundle is…
A: Requirement A Annual Avoidable Manufacturing Costs for Bicycle Frames: Unit-level materials…
Q: Sheridan Corporation began the month of May with $74000 of obligations and $186000 of economic…
A: Economic resources means assets Obligations means Liabilities
Q: Tom, Flick, and Harry are partners in an equipment leasing business that has not been able to…
A: While liquidating the partnership, all the interests and capital of the partners are terminated by…
Q: 3- Hammerly Corporation is preparing its master budget for the quarter ending March 31 It sells a…
A: Sales Budget: The sales budget is a financial plan that outlines the projected sales revenue for a…
Q: tory product 12.70 13.22 anufacturing cycle efficiency. bund intermediate calculations. Round you
A: Manufacturing cycle efficiency = Manufacturing product in hours / (Inspecting product in hours +…
Q: Norbury Corporation's net income last year was $34,000. The company did not sell or retire any…
A: Cash flows provided by(used in ) operating activities under Indirect Method:- Under indirect method…
Q: Stock Splits and Stock Dividends. Bermu currently has 500,000 shares of stock outstanding that sell…
A: A share price is a minimum price that must be paid to acquire a share from the market. It is…
Q: Required information [The following information applies to the questions displayed below.]…
A: Gross profit=Sales-Cost of goods sold
Q: Draught a call for bids for a replacement mobile app ordering system for KFC.
A: A draft for a call for bids refers to a preliminary version of the document that is prepared before…
Q: Timpanogos Inc. is an accrual-method calendar-year corporation. For 2017, it reported financial…
A: Regular Tax Liability: Regular Tax Liability refers to the amount of tax owed by an individual or a…
Q: A profitable company making earth-moving equipment is considering an investment of $100,000 on…
A: Depreciation is an accounting technique which is used to reduce the book value of assets over a…
Q: Due to erratic sales of its sole product-a high-capacity battery for laptop computers-PEM,…
A: IMPORTANT NOTE: Kindly note that as per Bartleby guidelines I am able to answer only the first…
Q: Use the following to answer questions 93-95: to be rebuilt or replaced. The following information…
A: Present value means the current value of future cash flows at given discount rate.
Q: KKK Company reported the following at year-end: 10% Bonds payable 1,000,000 Ordinary share…
A: Basic EPS takes into account a company's common shares, whereas diluted EPS takes into account all…
Q: Montalvo Bionics showed the following alphabetized unadjusted trial balance at April 30, 2023…
A: Financial Statement comprises of Income Statement, Balance Sheet, cash flow statement and Notes to…
Q: On June 1, 2020, Madison notified bondholders of its intent to call the bonds at face value plus a…
A: One sort of hybrid financial instrument that combines the characteristics of both debt and equity is…
Q: 29 Denny Corporation is considering replacing a technologically obsolete machine with a new…
A: The simple rate of return is a basic return measure that divides the increase in accounting net…
Q: Question. Connie recently provided legal services to the Winterhaven LLC and received a 5 percent…
A: The phrase "income" often refers to the total amount of money, property, and other value exchanges…
Q: Gary Company reported the following amounts in the equity section of its Dec. 31, 2020, statement of…
A: Retained earnings are defined as the profits saved by an entity since its inception. These…
Q: Bauer Manufacturing uses departmental cost driver rates to allocate manufacturing overhead costs to…
A: The departmental overhead rate is calculated as estimated overhead costs divided by estimated usage.…
Q: An example of taxable allowance would be: a) safety shoes when required for the job b) The business…
A: A taxable allowance is a type of compensation paid by an employer to an employee that is subject to…
Q: Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has…
A: The taxes are paid on the taxable income. The tax liability depends upon the filing status of the…
Q: Toda Use the following to ans (Ignore income taxes in this problem.) Carlson Manufacturing has some…
A: Present value and future value concept are for time value of money. Under time value of money…
Q: Normandy Instruments invests heavily in research and development (R&D), although it must currently…
A: Economic value added is helpful in computing the amount of economic profit the company generates…
Q: Which of the following statements relating to qualified transfers for gift tax purposes is not…
A: Gift tax is levied on transfers of property made during one's lifetime from one individual to…
Q: The statement of cash flows of a not-for-profit should be divided into which of the following…
A: Cash flow statement which is one of the financial statement is used for reporting the cash inflow…
Q: Polk County's solid waste landfill operation is accounted for in a governmental fund. Polk used…
A: This question pertains to the accounting treatment of a solid waste landfill operation in Polk…
Q: A firm has sales of $1.4 million, and 10 percent of the sales are for cash. The year-end accounts…
A: ACCOUNT RECEIVABLE TURNOVER RATIO Account Receivable Turnover Ratio is the Ratio between Net…
Q: The account balances of Miss Beverly's Tutoring Service as of June 30, the end of the current fiscal…
A: The recording of closing is the process of transferring the ending balances of temporary accounts to…
Q: During the current year, a voluntary health and welfare organization receives $800,000 in…
A: Unrestricted pledges are donations made to a nonprofit organisation that have no restrictions or…
Q: Cedar City issues $2,000,000, 6% revenue bonds were issued at par on April 1, to build a new water…
A: Interest expense is the amount of expense incurred by the entity on funds borrowed. These includes…
Q: Terminal cash flow: Various lives and sale prices Looner Industries is currently analyzing the…
A: Terminal cash flow represents the end of the project cash flow which is determined by disposal of…
Q: For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income…
A: Profit margin ratio = Net income/Sales Total asset turnover ratio = Sales/Average total assets Total…
Q: At the time companies write off accounts receivable, there is no effect on net income. true or…
A: Sales can be either on cash or on credit. When sales is made on credit, accounts receivable balance…
Q: Residents from the To 5, 2019. Financing for grant, and $2,100,000
A: Accounting journal entries are a fundamental aspect of the financial reporting process. They provide…
Q: Cardi B reported the following data for her company in 2019: Net Operating Income Beginning…
A: Return on investment :— It is calculated by dividing net operating income by average operating…
Q: A firm had the following accounts and financial data for 202X Sales revenue Accounts receivable…
A: A financial indicator called earnings per share (EPS) shows how much of a company's profit can be…
Q: Fogel Company expects to produce and sell 107,000 units for the period. The company's flexible…
A: Variable overhead is a term used to describe the fluctuating manufacturing costs associated with…
Q: An example of a preventive control in the expenditure cycle is: A. Requiring management approval for…
A: There are mainly 3 types of controls in internal control system : 1. Preventive Controls : That…
Q: Required information [The following information applies to the questions displayed below.] The…
A: Break Even Point :— It is the point of production where total cost is equal to total revenue. At…
Q: Jason, Sara, and Cody each have a $250,000 capital balance. They share profits and losses as…
A: A journal entry is being used to record a commercial activity in an organization's accounting…
Q: ABC Company had 3,000 units in work-in process on June 1 which were 60% complete as to conversion…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: III. The following changes in the statement of financial position accounts of BC were gathered for…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: XYZ's Book and Music Store has two service departments, Warehouse and Data Center. Warehouse…
A: To calculate the total warehouse hours, we need to sum the budgeted warehouse-hours for all the…
Q: Assume that ACW Corporation has 2022 taxable income of $1,500,000 for purposes of computing the $179…
A: Depreciation is the activity of reducing the book value of an asset due to its frequent use in a…
If net sales is $373,000 and cost of goods sold is $223,800, what is the gross profit and gross margin percentage?
Please avoid image based answers thank you
Step by step
Solved in 3 steps
- chapter 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 138,140Calculate the missing information based on the format of the income statement. Cost of Goods Sold Operating Expenses Net Sales $336,500 Submit Answer $132,100 Gross Margin ($) $107,000 $ Net Profit ($)Directions: Read the given sentences carefully. Select the best answer from the choices given below. Write your answer on the space provided before each item. (1 point each) Gains Gross Profit Sales Discount Selling expenses Net Income Sales return Service Income Professional Fee Purchases Sales Income Operating expenses Cost of Goods Sold 1. An example of service revenue. 2. The revenue generated from the sale of products. 3. It is computed by deducting the cost of sales from net sales. 4. It is used to describe revenue derived from the rendering of services. 5. A type of income derived from the other activities of the business. 6. The account used to report the acquisitions of merchandise for sale.bnuo1o 7. It represents the actual cost of inventories that the company was able to sell. 8. These are expenses that are directly related to the main purpose of a merchandising business. boinag 9. A contra-sales account that is used to report the amount of discount given to or taken by the…
- 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.K Which of the following is true of net sales revenue? OA It is calculated by adding sales discounts and sales retums and allowances to sales OB. It is calculated by deducting sales discounts and sales retums and allowances from sales OC. It is calculated by adding sales discounts to sales OD. It is calculated by subtracting cost of goods sold from sales MacBook ProFinancial 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 101000
- Consider the following incomplete table of a merchandiser's profit data. Calculate the missing amounts to complete the table. (Click the icon to view the data.) Sales $ 90,000 $ 104,000 $ 65,600 Sales Returns and Allowances 920 1,610 840 Sales Discounts 630 800 470 2,060 Net Sales 88,450 99,700 Cost of Goods Sold 60,700 40,600 76,800 Gross Profit 34,000 34,900A company reported the following: Cost of Goods Sold General, Selling, and Administrative Expenses Income Tax Expense Inventory Net Income Sales Revenue Sales Discounts Sales Returns & Allowances What is the amount of gross profit? Multiple Choice $108,360 $98,950 $121,000 $203, 200 53,120 3,920 16,500 26,080 292,000 3,040 2,640Directions: Read the given sentences carefully. Select the best answer from the choices given below. Write your answer on the space provided before each item. Gains Purchases Sales Income Gross Profit Sales Discount Selling expenses Professional Fee Net Income Operating expenses Sales return Cost of Goods Sold Service Income 1. An example of service revenue. 2. The revenue generated from the sale of products. 3. It is computed by deducting the cost of sales from net sales. 4. It is used to describe revenue derived from the rendering of services. 5. A type of income derived from the other activities of the business. 6. The account used to report the acquisitions of merchandise for sale. 7. It represents the actual cost of inventories that the company was able to sell. 8. These are expenses that are directly related to the main purpose of a merchandising business 9. A contra-sales account that is used to report the amount of discount given to or taken by the customers. 10. It refers…
- 7. I do not understand how to find the dollar amounts for these questions with the numbers given: Compute the $ based on these percentages Net Sales $46,710Gross Profit: $21,479Net Income: $6,046Total Selling and Administrative Expense: $14, 804 a)Cost of Goods 54.0% = $ Amountb)Gross Margin Percentage 46.0% = $ Amountc)SG&A Expense Percentage 31.7% = $ Amountd)Operating Profit Margin Percentage 14.2% = $ Amounte) Net Profit Margin (After Taxes) 12.9% = $ Amount If you could provide the formulas used it would be a big help, again the percents are already there I need to find the dollar amount the percents reflect.(The given is in the photo.) Required: 1. SHOW THE COMPUTATION OF SM-X NET SALES REVENUE. COST OF GOODS SOLD AND GROSS PROFIT FOR THE YEAR ENDED DEC 31 2020Calculate 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