None Olly Company is a merchandising business that sells dog food. Based on the followinginformation, what is the gross margin for Olly Company?Sales Revenue$500,000Cash100,000Accounts Receivable50,000Inventory25,000Cost of goods sold300,000Operating expenses40,000

Gross Margin = Sales Revenue - COGS= 500,000 - 300,000= 200,000 If looking for percentage: Gross…

Answered: Olly Company is a merchandising…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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Olly Company is a merchandising business that sells dog food. Based on the following information, what is the gross margin for Olly Company? Sales Revenue Cash $ 500,000 100,000 50,000 Accounts Receivable Inventory Cost of goods sold Operating expenses Multiple Choice $135,000 $200,000 $285,000 $160,000 25,000 300,000 40,000
The following data is available from the records of Spurs Merchandising Company: Cost of goods available for sale P3,100,000: Gross Profit P900,000, Net sales P3,000,000, Net purchases P2,600,000, Operating expenses P1,040,000 The company's net income (loss) is, (2 Points) Enter your answer (Put a parenthesis if your answer is net loss)
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. 1,220,000
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Save Ltd. and Spend Ltd. Are merchandising companies. Both are wholesalers dealing in a similar range of goods. Summaries of the Statement of Profit or Loss calculation and Statement of Financial Position the same year have been made available to you as follows: Statement of Profit or Loss Save Ltd. Spend Ltd. GH¢ (000) GH¢ (000) Sales 6,500 8,000 Cost of goods sold (4,500) (6,240) 1,500 1,760 Administrative Expenses (640) (630) Selling and distribution expenses (280) (400) Depreciation- PPP (100) (250) Net Profit 480 480 Statement of Financial Position Save Ltd. Spend Ltd. GH¢ (000) GH¢ (000) Property Plant and Equipment 910 1,200 Inventory 560 520 Accounts receivables 750 670 Bank 80 - 2,300 2,420 Stated Capital 1,920 1,600 Creditors 380 780 Bank - 40 2,300 2,420…
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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 34,900
Calculate the gross profit for Jonas Company based on the data given below: Sales Selling Expenses Cost of Merchandise Sold Sales Discounts Sales Returns and Allowances $835,000 52,500 476,000 7,100 3,650
The details of a Retail Merchandise business are: Sales revenues are RO 80,000 cost of goods sold is RO 30,000 and Total Selling expenses are RO 40,000, Interest revenue RO 500 and Interest expense RO 300. What will be the Net Profit assuming that the business uses Simple step income statement? a. 10,200 b. 9,900 c. 10,000 d. 10,100
Your campus computer store reported Sales Revenue of $168,000. The company’s gross profit percentage was 60.0 percent. What amount of Cost of Goods Sold did the company report?

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Olly Company is a merchandising business that sells dog food. Based on the following information, what is the gross margin for Olly Company? Sales Revenue $500,000 Cash 100,000 Accounts Receivable 50,000 Inventory 25,000 Cost of goods sold 300,000 Operating expenses 40,000