What is the amount of gross profit?
Q: How is the gross profit percentagecomputed? Illustrate its calculation and interpretationassuming…
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Q: During the current year, merchandise is sold for $366, 100 cash and $1,420,000 on account. The cost…
A: Gross Profit is defined as the profit which the company makes after subtracting the costs linked…
Q: The cost of goods sold for a company for the year was $1,900,000. Merchandise inventory at the…
A: Merchandise inventory turnover ratio is calculated by dividing the cost of goods sold by the average…
Q: Income Statement For the Year Ended April 30, 2020 $7,700,000 Sales revenue Cost of goods sold…
A: Cashflow statement prepared using the indirect method adjust net income to calculate the cashflow…
Q: During the current year, merchandise is sold for $53,640 cash and for $82,660 on account. The cost…
A: Gross profit represent the excess amount of revenue over the cost of merchandise sold.
Q: Following are data for December 31,2021: $5,365,000 Net sales Cost of sales, and related buying…
A: The ratio analysis helps to analyze the financial statements if the business.
Q: During the current year, merchandise is sold for $158,900 cash and $434,900 on account. The cost of…
A: Formula: Gross profit = Sales - Cost of goods sold
Q: Determining gross profitDuring the current year, merchandise is sold for $31,850,000. The cost ofthe…
A: Gross Profit: Gross profit represents the revenue after the deduction of cost of goods sold from…
Q: Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold…
A: Multi-step income statement: It is the presentation of a normal income statement in a more detailed…
Q: Income Statement and Accounts for Merchandiser For the fiscal year, sales were $6,580,000 and the…
A: a Compute the gross profit: Sales $6,580,000 Less: Cost of Goods sold $3,816,000 Gross…
Q: Assuming that net purchases was P900,000 during the year and that ending merchandise inventory was…
A: Ending inventory = beginning inventory - decrease in inventory = P250000 - P20000 = P230,000
Q: The comparative balance sheet of Merrick Equipment Co. for Dec. 31 20Y9 and 20Y8 is: Additional data…
A: The cash flow statement represents the cash inflow and cash outflow of the company due to operating,…
Q: e current year, merchandise is sold for $135,100 cash and $501,500 on account. The cost of the goods…
A: Gross profit is the profit which is arrived at by deducting cost of goods sold from Total net sales.…
Q: During the current year, merchandise is sold for $315,800 cash and $1,225,000 on account. The cost…
A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…
Q: The income statement for Gilmore Uniforms shows gross profit of $143,000, operating expenses of…
A: Gross profit: Gross profit is calculated after deducting the costs associated with production of…
Q: Assuming Net Sales is $180,000, Cost of Goods Sold is $79,000, Selling Expenses are $28,500, General…
A: Income from operations are the income that is generated from the daily operations of the business.…
Q: During the current year, merchandise is sold for 86,000 cash and 93,950 on account. The cost of the…
A: Sale means when the goods are sold to an outsider . Cost means the amount which is paid by business…
Q: If PetCo had net sales of $600,000, goods available for sale of $450,000, and cost of goods sold of…
A: Formula: Gross margin = Total sales - Cost of goods sold
Q: During the current year, merchandise is sold for $206,200 cash and $430,300 on account. The cost of…
A: The Gross Profit is figured by deducting the Cost of goods sold (COGS) from Total Sales. It is also…
Q: During the current year, merchandise is sold for $59,180 cash and for $86,380 on account. The cost…
A: Gross Profit is Sales minus Cost of Goods Sold
Q: Presented below is information for Ayayai Company for the month of March 2020. Cost of goods sold…
A: Gross profit is an excess value of revenue over the cost of goods sold. The gross profit rate can be…
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 $18,300 cash and $295,700 on account. The coset of…
A: Gross profit: Gross profit can be defined as the profit generated from deducting the cost of goods…
Q: The days' sale in inventory is 73. The cost of goods sold is 720,000. The net sales are 1,020,000,…
A:
Q: Elephant, Inc.'s cost of goods sold for the year is $1,900,000, and the average merchandise…
A: The question is related to Ratio Analysis. The details are Average Inventory = $ 132000 Cost of…
Q: During the current year, merchandise is sold for $54,400 cash and for $81,400 on account. The cost…
A: The difference between the net sales and cost of goods is called Gross profit. Total sales are…
Q: Determining Gross Profit During the current year, merchandise is sold for $821,000. The cost of…
A: Income Statement: Income Statement is the part of the financial statement which is prepared to…
Q: The cost of merchandise sold reported on the income statement was $240,000. The accounts payable…
A: Compute the value of purchases.
Q: Based on the following data for the current year, what is the number of days' sales in inventory?…
A: Days sales inventory It is an estimation of the typical number of days or time expected for a…
Q: Determining gross profitDuring the current year, merchandise is sold for $8,100,000. The cost of the…
A: The gross profit is calculated as difference between sales and cost of goods sold.
Q: A company has sales of $742,600 and cost of goods sold of $297,600. Its gross profit equals:
A: Formula: Gross Profit= Sales - Cost of goods sold
Q: The cost of goods sold was computed at P12,250. Total sales for the year were P42,950, of which…
A: Inventory Turnover: = Cost of Goods Sold ÷ Average Inventory = P12,250 ÷ P3,500 = 3.5 Times
Q: Determining gross profit During the current year, merchandise is sold for $ 11, 750,000. The cost…
A: A. Gross profit = Sales - Cost of goods sold = $11,750,000 - $7,050,000 = $4,700,000
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: If a retailer has revenues of $700,000, cost of goods sold that total $270,000, and operating…
A: The earning before taxes would be considered without considering the operating expenses. All these…
Q: A company reported the following data for the year ending 2018: Description Amount Sales Sales…
A: Gross profit is a profit that a company makes after deducting the cost associated with making and…
Q: The revenue is $40,000, the cost of goods sold is $26,000, the selling, general and administrative…
A: Earnings before tax(EBT) measures a companies profitability before income taxes are factored.
Q: Determining gross profit During the current year, merchandise is sold for $8, 100,000. The cost…
A: The gross profit is calculated as difference between sales and cost of goods sold.
Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The cost of…
A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…
Q: During the current year, merchandise is sold for $117,500 cash and $241,750 on account. The cost of…
A: Working Notes: 1. Total Sales of current year = Cash Sales of current year + Credit Sales of current…
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: In the Augie Company, sales were $750,000, sales returns and allowances were $30,000, and cost of…
A: The cost of goods available for sale is the cost that is incurred to produce the goods that are…
Q: Determining gross profitDuring the current year, merchandise is sold for $ 11,750,000. The cost of…
A: Gross profit is the amount of money earned after deducting the cost of goods sold from the sales.
Q: If net sales are $300,000, cost of goods available for sale is $280,000, and gross profit…
A: Definition: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…
Q: During the current year, merchandise is sold for $54,900 cash and for $80,900 on account. The cost…
A: Gross profit refers to that part of the profit of the company that it makes after subtracting the…
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: If Net Sales is $10,500, Cost of Goods Sold is $5,400, Gross Profit is $5,100 and Operating…
A: Net income from operation means the income arrived by deducting from sales , the following items :-…
During the current year, the merchandise is sold for 45,870, 000. The cost of the merchandise sold is 33,026,400. What is the amount of gross profit?
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- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000During the current year, merchandise is sold for $54,900 cash and for $80,900 on account. The cost of the goods sold is $88,270. What is the amount of the gross profit?During the current year, merchandise is sold for $31,850,000. The cost of the merchandise sold is $24,206,000.a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement necessarily report a net income? Explain.
- During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The coset of the goods is $188,000. What is the amount of the gross profit?Determining Gross Profit During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). %