financial information is presented here for queen company. Net sales- 80,000 cost of goods sold- 48,000 gross profit- 32,000 operating expenses- 18,00
Q: Determine Kotan Company’s Gross Profit.
A: Gross profit: the gross profit is the profit earned by the company after subtracting the…
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: 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: The income statement of Stellar Company is shown below. Sales revenue $6,630,000 Cost of goods…
A: Cash flow from operating activities indicates the cash inflow or outflow transactions related to the…
Q: The income statement comparison for Forklift Material Handling shows the income statement for the…
A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…
Q: What are the correct amounts missing from the condensed income statement of Arch Company? Arch…
A: Sales = Cost of goods sold + Gross profit Operating expense = Gross profit - Net income
Q: Presented below is financial information for two different companies. Alatorre Company…
A: a. Sales returns and allowances = Sales revenue - Net sales = $90,000- $81,000 = $9000 b. Gross…
Q: a company has the following account balances sales 250,000 sales discount 1,500 sales returns and…
A: Multi step income statement is used to show the profit or loss from operating and non operating…
Q: For Mortenson Company, the following information is available: Cost of goods sold ₤240,000 Sales…
A:
Q: Ziehart Pharmaceuticals reported Net Sales of $195,000 and Cost of Goods Sold of $66,600. Candy…
A: Gross Profit is the very important indicator of the operating abilities of the company. Gross Profit…
Q: The following data is from the income statement of Ralston Company: $ 2,500 (1,350) (650) Revenue…
A: Gross margin = Sales - Cost of goods sold Gross margin percentage = Gross margin/Sales
Q: Bogs company has a net profit margin of 5%, an operating profit margin of 10%, and a gross profit…
A: Gross Profit = Sales Revenue x Gross Profit Margin Cost of Goods Sold = Sales - Gross Profit
Q: Construct an income statement using the information provided. Income Statement Activity A…
A: The income statement is one of the essential part of the financial statements used for reporting the…
Q: Presented below are the components in Jane Company's income statement. Determine the missing…
A: Cost of goods sold means the cost incurred on the goods which has been sold including all direct…
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: CAS Company has net sales of $200,000, cost of goods sold $120,000, and operating expenses of…
A: "Since you have asked multiple questions, we will solve only first question for you. If you want any…
Q: A company made net sales revenue of $500,000, and cost of goods sold totaled $300,000. Calculate its…
A: When two numerical values are compared with each other, the result is known as a ratio. Ratio…
Q: The following information appeared in a company’s income statement: Sales . . . . . . . . . . . . .…
A: Income statement is the statement which shows the performance of a firm during the accounting…
Q: A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie…
A: Vertical analysis: It is a method of analyzing the financial statement in which each item is shows…
Q: Calculate income from operations for Jonas Company based on the following data: Sales $764,000…
A: Operating income is calculated after subtracting operating expenses from the gross profit of the…
Q: Assume Martinez Company has the following reported amounts: Sales revenue $ 610,000, Sales returns…
A: a. Net sales = sales revenue - sales return and allowance = $610000 - 30000 = $580,000
Q: For Mortenson Company, the following information is available: Cost of goods sold$ 60,000 Income…
A: Formula: Gross profit = Sales revenue - Cost of goods sold Deduction of cost of goods sold from…
Q: Olde Tyme Beverage Company’s operating activities for the year are listed below. Cost of Goods…
A: Cost of goods manufactured = $ 128000 Operating expenses = $ 80,000 Beginning inventory = 12000…
Q: Given the following information regarding to a recent period's operations: Sales - P? Beginning…
A: Gross margin is the difference between sales and cost of goods sold. Gross margin can be…
Q: The following information relates to Blake Auto Supply. Net Sales Revenue $196,000 Cost of Goods…
A: Net Income is the amount of net profit earned from business
Q: Rogue Industries reported the following items for the current year: Sales = $3,000,000; Cost of…
A: Gross profit is the difference between Sales and cost of goods sold.
Q: The income statement comparison for Forklift Material Handling shows the income statement for the…
A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…
Q: find costs of goods sold and operating expenses with the following information? Net Income (Net…
A: Costs of goods sold = Sales - Gross Profit Operating expenses = Gross Profit - Net Income
Q: Find the missing amounts from the income statement data for Zebtec Company. Zebtec Company Net…
A: Gross profit = Sales - Cost of Goods sold 465,000 = 890,000 - Cost of Goods sold Cost of Goods sold…
Q: Direction: Using the following account titles below: Sales – 20,000 Interest Expense - 660 Cost…
A: The income statement is a part of financial statements of the firm. It represents the financial…
Q: Revenue and expense data for the current calendar year for Tannenhill Company and for the…
A: Income statement is a statement which records the revenue and expenses of an undertaking for a…
Q: Use the Financial information is presented below to determine the Gross Profit: Operating expenses $…
A: The gross profit is earned by the company, when the cost related to manufacturing and selling a…
Q: Quartz Corporation had the following account balances: Sales, $875,000; Sales Returns and…
A: The sales is the sum of gross sales revenue after netting off any discounts, returns and allowances…
Q: The following information is available for Sandy Company: Gross Profit…
A: When all the direct costs incurred by the manufacturing firm are totaled, then this amount is known…
Q: A company has a net profit margin of 5%, an operating profit margin of 10%, and a gross profit…
A: Cost of goods sold - Cost of Goods Sold is the cost incurred to sell the goods to the customer. The…
Q: Revenue and expense data for the current calendar year for Tannenhill Company and for the…
A: >Common Size Financial Statements show the % value based on specified amount.--For Income…
Q: A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie…
A: Common size income statement shows each item of income statement as a percentage of total sales.
Q: Safety Company had $45,000 in gross sales, $1,200 in sales discounts, $10,000 in cost of goods sold,…
A: NET SALES : = GROSS SALES + TRANSPORTATION COST - SALES DISCOUNT - SALES RETURN AND ALLOWANCES
Q: Ziehart Pharmaceuticals reported Net Sales of $178,000 and Cost of Goods Sold of $58,000.Candy…
A: GP% = (sales - COGS)/sales GP% for Ziehart Pharmaceuticals = ($178000-$58000)/$178000 = 0.6742 or…
Q: Income statement information for Lucy Company is provided below. Sales $175,000 Cost of goods sold…
A: Vertical analysis is generally done to express the relative sizes of the different accounts reported…
Q: A company has a net profit margin of 5%, an operating profit margin of 10%, and a gross profit…
A: The cost of goods sold can be calculated by deducting gross profit from the sale revenue.
Q: The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods…
A: Cost of Goods sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending…
Q: A company reports the following amounts at the end of the year: Sales revenue $ 390,000…
A: Sales revenue $390,000 Less: Cost of goods sold 200,000 Gross profit $190,000
Q: A company has a net profit margin of 5%, an operating profit margin of 10%, and a gross profit…
A: Cost of goods sold is the actual cost of goods that is being sold to the customers. Net Sales is the…
Q: Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 20Y2, are as…
A: Single-step income statement: It is an income statement format in which a single subtotal of all…
Q: The following is Cullumber Company’s income statement for the past year. Sales revenue $336,000…
A: Markup percentage = (Gross margin / Cost of goods sold) x 100
financial information is presented here for queen company.
Net sales- 80,000
cost of goods sold- 48,000
gross profit- 32,000
operating expenses- 18,000
net income 14,000
Gross profit?
Profit margin?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?A 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 2,640Calculate the gross and net profits (in $) and the two profit margins (as %s) for the given company. (Round profit margins to the nearest tenth of a percent.) Company Net Sales Cost ofGoods Sold GrossProfit OperatingExpenses Net Profit Gross ProfitMargin (%) Net ProfitMargin (%) an optometry store $327,735 $201,655 $ $83,921 $ % %
- Determining gross profitDuring 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).c. Will the income statement always report a operating income? Explain.Determining gross profit During the current year, merchandise is sold for $8, 100,000. The cost ofthe 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).c. Will the income statement always report a operating income? Explain.Determining gross profitDuring the current year, merchandise is sold for $31,850,000. The cost ofthe 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 o net income? Explain.
- Determining Gross Profit During the current year, merchandise is sold for $11,750,000. The cost of the goods sold is $7,050,000. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number. % c. When will the income statement report net income?A company shows the following balances: Sales Revenue Cost of Goods Sold Sales Returns and Allowances Sales Discounts Operating Expenses What is the gross profit? $230,000 $440,000 $240,000 O $140,000 $1,000,000 $560,000 $180,000 $20,000 $100,000Determining Gross Profit During the current year, merchandise is sold for $900,000. The cost of the goods sold is $522,000. 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 always report a operating income?
- A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses come Statement L Administrative expenses Total expenses Net operating income Interest expense Net income before taxes $ This Year 7,350,000 4,750,000 2,600,000 1,386,000 708,000 2,094,000 506,000 98,000 $408,000 Last Year. $ 5,586,000 3,512,500 2,073,500 1,081,500 608,000 1,689,500 384,000 89,000 $ 295,000 Members of the company's board of directors are surprised to see that net income increased by only $113,000 when sales increased by $1,764,000. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e..The 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. P200,000Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses $ 60,000 90,000 17,000 11,000 80,000 2,000 24,000 Use the above information, to compute (a) net sales and (b) gross profit. a. Net sales b. Gross profit < Prev 5 hp of 10