Calculate the missing information based on the format of the income statement. Net Sales Cost of Goods Sold ($) Gross Margin Operating Expenses ($) Net Profit $4,236,000 $ $1,850,000 $ $659,500
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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. 1,220,000Use the following to calculate the general and administrative expenses. Expenses and losses: Cost of goods sold$203, 371 Selling expense57, 431 General and administrative expense Interest expense15, 222 Total expenses and losses$284,000Determining gross profitDuring the current year, merchandise is sold for $31,850,000. The cost ofthe merchandise sold is $24,206,000. a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement necessarily report o net income? Explain.
- Calculate the missing information based on the format of the income statement. Net Sales Cost ofGoods Sold ($) GrossMargin OperatingExpenses ($) Net Profit $4,234,000 $ $1,830,000 $ $659,500Determining Gross Profit During the current year, merchandise is sold for $45,870,000. The cost of the merchandise sold is $33,026,400. a. What is the amount of the gross profit? 12,843,600 b. Compute the gross profit percentage (gross profit divided by sales). % c. When will the income statement necessarily report a net income?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?
- Determining Gross Profit During the current year, merchandise is sold for $821,000. The cost of merchandise sold sold is $599,330. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number.% c. When will the income statement necessarily report a net income?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 Profit During the current year, merchandise is sold for $665,000. The cost of the merchandise sold is $392,350. a. What is the amount of the gross profit?$fill in the blank 1 b. Compute the gross profit percentage (gross profit divided by sales). fill in the blank 2% c. When will the income statement necessarily report a net income?
- Calculate the missing information based on the format of the income statement. Cost of Gross Operating Expenses Net Sales Goods Sold Margin ($) Net Profit ($) $336,500 $132,200 $4 $109,000Determining gross profitDuring the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000.a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement always report a operating income? Explain.Calculate the missing information based on the format of the income statement. Operating Еxpenses Cost of Gross Net Sales Net Profit ($) Margin ($) Goods Sold $332,500 $132,100 $107,000