Gross Profit During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost of the merchandise sold is $1,014,300. What is the amount of the gross profit?
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: 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: Last year, the gross billings for merchandise made by ABC Company amounted to P15,720,000, purchase…
A: Solution: Net Cost of purchase = Purchases - Purchase return and allowances - purchase discount +…
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: 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: 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 $145,500 cash and $609,300 on account. The cost of…
A: A. Gross profit = Sales - Cost of goods sold = $6,400,000 - $5,376,000 = $1,024,000 B. Gross profit…
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: Following are data foE Net sales $5,365,000 Cost of sales, and related buying costs Accounts…
A: The ratio analysis helps to analyze the financial statements 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: 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: 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 $665,000. The cost of the merchandise sold is…
A: Gross Profit=Total Sales - Cost of Goods Sold Gross profit percentage=Gross profit / Sales
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: During the current year, merchandise is sold for $615,000 cash and $4,110,000 on account. The cost…
A: Gross profit can be defined as the excess of net sales revenue over the cost of goods sold. Gross…
Q: For the fiscal year, sales were $7310000, sales discounts were $120000, sales returns and allowances…
A: GROSS PROFIT : = SALES - SALES DISCOUNT - SALES RETURNS AND ALLOWANCES - COST OF GOODS SOLD
Q: During the current year, merchandise is sold for $98,300 cash and $644,900 on account. The cost of…
A: Calculate the amount of net sales.
Q: The cost of merchandise sold for Patterson Corporation for a recent year was $8,629 million. The…
A: Total purchases = Cost of goods sold + Ending merchandise Inventory balance - Beginning merchandise…
Q: The following are ABM Store's year-end balances of selected accounts: Cash, P200,000.00; Sales,…
A: Net Sales = Sales - Sales Discount Gross Profit = Net Sales - Cost of Goods sold Net Income = Gross…
Q: The cost of merchandise sold for Kohl’s Corporation for a recent year was $12,265 million. The…
A: There are various payments made in process of running business. When the merchandise is purchased,…
Q: The cost of merchandise sold reported on the income statement was $240,000. The accounts payable…
A: Compute the value of purchases.
Q: Cost of merchandise sold reported on the income statement was $159,380. The accounts payable balance…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: The days' sales in inventory is 73. The cost of goods sold is 720,000. The net sales are Php…
A: Inventory means goods held by a business which ultimate goal is to resale them.
Q: Cash paid for merchandise purchases The cost of merchandise sold for Kohl's Corporation for a recent…
A: Purchase = Ending Merchandise inventories + cost of merchandise sold - Beginning Merchandise…
Q: Cost of goods sold reported on the income statement was $153,920. The accounts payable balance…
A: payment to creditor=Purchase-increase in payable
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: Using the following information, what is the amount of gross profit? Purchases $44,000 Merchandise…
A: Cost of goods sold = Opening inventory + Purchases - Closing inventory
Q: Cost of merchandise sold reported on the income statement was $403,600. The accounts payable balance…
A: Total Purchase of inventory = Cost of merchandise sold + Increase in inventory = $403,600 + $62,700…
Q: Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within…
A: Net sales = Sales - Discount Gross profit = Net sales - Cost of goods sold
Q: During the current year, merchandise is sold for $21,100 cash and $341,700 on account. The cost of…
A: Gross profit is calculated by deducting the cost of sales from the total sales value. The gross…
Q: Cost of merchandise sold reported on the income statement was $263000. The accounts payable balance…
A: The value of products sold by a jobber or merchant is noted because the cost of merchandise sold .…
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: Determine the amount of cash paid for merchandise.
A: Direct method: This method uses the basis of cash for preparing the cash flows statement. Cash…
Q: Using the following information, what is the amount of gross profit? Purchases $42,000 Merchandise…
A: Cost of Goods Sold = Opening stock + Net Purchases + Direct Expenses - Closing Stock…
Q: The cost of merchandise sold reported on the income statement was $770,000. The accounts payable…
A:
Q: What was the amount of Best Buy’s cost of merchandise sold
A: Cost of merchandise sold indicates the costs involved for the inventory sold by the business in a…
Q: The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and…
A: Formula: Cost of goods sold = Beginning inventory + Purchases - Ending inventory
Q: During the current year, merchandise is sold for $50,940 cash and for $83,900 on account. The cost…
A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…
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: A company reports the following: Cost of merchandise sold $3,120,750 Average…
A: Ratio analysis is a method of measuring the financial position of the organization with different…
Q: During the current year, merchandise is sold for $60,300 cash and for $87,600 on account. The cost…
A:
Q: During the current year, merchandise is sold for $714000. The cost of the merchandise sold is…
A: Gross profit = Sales - Cost of merchandise sold
Q: Determining Gross Profit During the current year, merchandise is sold for $31,850,000. The cost of…
A: Meaning of Gross Profit Gross profit is refer as the profit of the company which is computed after…
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- odule Three Assignment - ACC x * CengageNOWv2 | Online teachir x com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre... O eBook Show Me How Gross Profit During the current year, merchandise is sold for $118,700 cash and $454,300 on account. The cost of the goods sold is $383,900. What is the amount of the gross profit? Previous Next Check My Work 6:37 AM 45°F A D E a O 11/13/2021* CengageNOWv2 | Online teachin x S Module Three Assignment - ACC cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. * O eBook Show Me How Determining Cost of Goods Sold For a recent year, Best Buy (BBY) reported sales of $39,528 million. Its gross profit was $9,191 million. What was the amount of Best Buy's cost of goods sold? (Enter answer in millions.) million Previous Next Check My Work 6:38 45°F 11/13it View History M faith@.. tems 37.66% ··· Bookmarks Window AOL Ma.... B E C eBook U Sales Mail - F... Cost of goods sold Help Operating income Expenses: Selling expenses Administrative expenses The following multiple-step, income statement was prepared for Carlsbad Company contains errors: CARLSBAD COMPANY Income Statement For the Year Ended February 28, 2018 Delivery expense Total expenses Other expense: Interest revenue Gross profit R V Portal h... Check My Work 10 more Check My Work uses remaining. % G Chapter... B v2.cengagenow.com Prepare a corrected income statement for Carlsbad Company for the year ended February 28, 2018. Carlsbad Company Income Statement 6 $ 1,800,000 1,350,000 112,500 H C Cengag.. 9,495,000 (5,962,500) $3,532,500 (3,262,500) 270,000 90,000 $180,000 All work saved. N MacBook Pro ** W Activity... 8 M FA 9 K Save and Exit Submit Assignment for Grading 1
- BCengageNOW2 1Online teach x+ Ohttps://v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress false Chapter 11 Homework eBook Show Me How Print Item Computing Gross Profit The following data were taken from the accounts of Burnside Bedknobs, a retail business. Sales $119,600 Sales returns and allowances 1,160 Sales discounts 360 Merchandise Iinventory, January 1 28,100 Purchases during the period 93,900 Purchases returns and allowances during the period 1,900 Purchases discounts taken during the period 2,820 Freight-in on merchandise purchased during the period 1,480 Merchandise inventory, December 31 50,000 Determine the gross profit. Previous Next Check My Work 1 more Check My Work uses remaining. Save and Exit Submit Assignment for Grading Assignment Score: 2% All work saved. 225 PM 4/10/2021 Type here to search10points eBook Print References Check my workCheck My Work button is now enabled Item 2 Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. 5 Sold $2,700 of merchandise for $3,100; terms n/15. Journal entry worksheet Record the cost of sale..ull Verizon LTE 5:03 PM 1O 34% AA v2.cengagenow.com CengageNOWV2 | Online teaching and learning resource from Cengage Leaming Close Window Print 1. PE.06-01B O eBook Show Me How Gross Profit During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The cost of the merchandise sold is $188,000. What is the amount of the gross profit? 2. PE.06-02B H Show Me How Purchases Transactions Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30. Hoffman Company returned $7,500 of the merchandise and received full credit. a. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment? 2$ b. What account is debited by Hoffman Company to record the return? 3. PE.06-03B eBook A Show Me How Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $92,500 with terms 1/10, n/30. The cost of the merchandise sold was $55,500. Sale Cost…
- FULL HD S B Canvas O B O Production period O Cash flow time line. O Inventory flow chart O Customer service line Question 17 1080 Ferry's Furniture Outlet has an accounts receivable period of 50.15 days and an accounts payable period of 39.43 days. The company turns over its inventory 5.41 times per year. What is the length of the company's operating cycle? Assume 365 days per year. O 117.62 days O 28.04 days O 106.90 days O 78.19 days O 89.58 days Question 18 Which statement is true? O A decrease in the accounts receivable turnover rate decreases the cash cycle. 5 pts 5 ptseBook Print Item Question Content Area Fitbands’ estimated sales are: Oct. $131,969 Nov. 195,702 Dec. 249,299 Jan 124,289 Feb. 124,262 Mar. 124,354 What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale? Round your answers to two decimal places. Ending Balance January $fill in the blank 1 February fill in the blank 2 March fill in the blank 3Chapter 12 Homework eBook Show Me How Print Item Journalizing Sales Transactions Enter the following transactions in a sales journal. Use a 6% sales tax rate. Sept. 1 Sold merchandise on account to K. Smith, $1,700, plus sales tax. Sale No. 228. 3 Sold merchandise on account to J. Arnes, $2,900, plus sales tax. Sale No. 229. 5 Sold merchandise on account to M. Denison, $2,700, plus sales tax. Sale No. 230. 7 Sold merchandise on account to B. Marshall, $1,500, plus sales tax. Sale No. 231. ACCOUNTS RECEIVABLE DEBIT Page: 1 SALES TAX PAYABLE CREDIT > SALE NO. POST. REF. SALES CREDIT DATE TO WHOM SOLD М.d 1 1 М. d 2 2 М.d М.d 4 4 3.
- WEN eBook Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Units Cost $118 121 April 2 April 15 April 20 Total Show Me How Feedback Item Beta a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Check My Work Purchase Purchase Purchase $363 Average cost per unit $121 ($363 ÷ 3 units) Assume that one unit is sold on April 27 for $175. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. 1 1 1 Gross Profit 6A 69 3 000 Aut 124 Ending Inventory Check My Work a. Sales - cost of goods sold = gross profit. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the most recent purchases. b. Sales - cost of goods sold = gross profit. LIFO means the last units purchased are assumed to be the first to be sold. Therefore, ending…SUN ezto.mheducation.com earning | Home ation II 1 Saved Help Save 8 MC Qu. 6-44 Jackson Manufacturing Company had... Jackson Manufacturing Company had a beginning inventory of $30,000. During the year, the company recorded inventory purchases of $90,000 and cost of goods sold of $100,000. The ending inventory must equal: 6:53 Multiple Choice $50.000. $54,000. $52,000. $20,000. ... . MacBook 80 DII DD F2 F3 F4 F5 F6 F7 F8 F9 F10 24 4. 7 * 00 %# 3Question 10 During the current year, merchandise is sold for $43000 cash and for $307000 on account. The cost of merchandise sold is $82000. What is the amount of gross profit? Add your answer