Compute net sales, gross profit, and the gross margin ratio for each of the four separate companies. Interpret the gross margin ratio for Carrier. Carrler Lennox Trane York Sales $150,000 $550,000 $38,700 $255,700 Sales discounts 5,000 17,500 боо 4,800 Sales returns and allowances 6,000 ооб 24,453 126,500 20,000 5,100 Cost of goods sold 79,750 329,589
Q: Sales $ 150,000 $ 550,000 $ 38,700 $ 255,700 Sales discounts 5,000 17,500 600 4,800 Sales returns…
A: Formula: Gross profit = Net sales - Cost of goods sold
Q: Shelcal, Inc. provides the following data for the year2017: Sales revenue $420,000 Sales…
A: We have the following information: Sales revenue: $420,000 Sales returns and allowances: $1,400…
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Q: A company reports the following sales-related information. Sales, gross $ 275,000…
A: Net sales = Gros sales - Sales returns and allowances - Sales discounts
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A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…
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A: Gross Profit is the very important indicator of the operating abilities of the company. Gross Profit…
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A: Net Profit = Total revenue - Total expenses
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A: Gross profit = Sales revenue - Cost of goods sold Cost of goods sold = Sales revenue - Gross profit…
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A: The gross profit is calculated as excess of sales over cost of goods sold.
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A: Sales = Total assets * Turnover ratio = $400,000 x 1.7 = $680,000 Gross profit margin = Sales x 25%…
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A: Cost of goods sold means the cost incurred on the goods which has been sold including all direct…
Q: Garza Company had sales of $154,200, sales discounts of $2,325, and sales returns of $3,700. Garza…
A: Formula: Net sales = Sales - sales discounts - sales returns Deduction of sales returns , sales…
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A: Solution: Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income (a)…
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A: Gross profit can be determined by following formula: Gross profit = Net sales - Cost of Goods sold
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A: Here in this case we are required to calculate gross profit in (%). Gross profit is a profit derived…
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A: Gross Profit Margin Ratio = (Gross profit/Net sales) *100 where gross profit = Net sales - Cost of…
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A: Answer 1) Formula: Gross Profit = Net Sales – Cost of Goods Sold Gross Profit = (Sales – Sales…
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A: Given: Sales= $ 4,42,000 Cost of good sold = $3,28,000
Q: A company had sales of $40,000, sales discounts of $800, sales returns of $1,600, and commissions…
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A: Gross profit is an excess of revenue over the cost of goods sold. It is the profit before deducting…
Q: Using the accounts and amounts below, calculate Gross Profit: Account Amount Sales Revenue $124,357…
A: The formula for calculating gross profit = Revenue - Cost of Goods Sold Revenue = Net revenue. i.e…
Q: Presented below are the components in Metlock, Inc.'s income statement. Determine the missing…
A: Gross profit = Sales - Cost of goods sold Net Income = Gross profit - Operating Expenses
Q: Sales $ 150,000 $ 550,000 $ 38,700 $ 255,700 Sales discounts 5,000 17,500 600…
A: Formula: Net sales = Sales - Sales discount - Sales returns and allowances. Deduction of sales…
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Q: compute net sales, gross profit, and the gross profit ratio for each of the four seperate companies.…
A: Definition: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods…
Q: Quartz Corporation had the following account balances: Sales, $875,000; Sales Returns and…
A: Net sales can be calculated by deducting sales returns and allowances from the gross sales value.
Q: Using the accounts and amounts below, calculate Income from Operations Account Amount Sales Revenue…
A: Solution: Income from operations = Net Sales - Cost of goods sold - Operating expenses
Q: he following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…
A: Solution: Gross margin is computed as Net sales minus cost of goods sold.
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: he following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…
A: Solution: Net sales is computed as deducting sales discounts and returns and allowances from total…
Q: The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…
A: Solution:- Calculation of Net income as follows under:- Note:- Calculation of net sales =Sales -…
Q: If gross sales is P40,000, sales returns and allowances P1,000, sales discounts P400, and delivery…
A: The sales revenue is recognised when the goods or services are delivered to the customers…
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: Given the following partial income statement informatic Sales $40,000 Less: Sales discounts (a)…
A: Net sales = Sales - Sales Discount - Sale return and allowances Sales Discount = Sales - Sale…
Q: Quartz Corporation had the following account balances: Sales, $875,000; Sales Returns and…
A: Formula: Gross Profit = Net sales - cost of goods sold.
Q: multi-step income statement
A: Multi-step income statement means an income statement in which items are classified according to…
Q: Presented below is financial information for two different companies. (a) Determine the missing…
A: Gross profit rate = (Gross profit / Sales)*100 Gross profit = Sales - Cost of goods sold
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- Exercise 4-11 Computing net sales for multiple-step income statement LO P4 A company reports the following sales-related information. Sales, gross Sales discounts $ 205,000 Sales returns and allowances 4,100 Sales salaries expense $ 12,000 10,100 Prepare the net sales portion only of this company's multiple-step income statement. Multiple-Step Income Statement (Partial) Net salesExercise 5-11 Calculating income statement components LO1, 5 Calculate the missing amounts. (Loss amounts should be indicated with a minus sign and input all other amounts as positive values. Do not round intermediate calculations. Round "Gross profit ratio" to 2 decimal places.) Sales Sales discounts Sales returns and allowances Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit (loss) Gross profit ratio 69 2023 Company A 256.000 2.560 153.600 51.000 17.920 25.600 $ 2022 180.000 16.000 163.000 19.000 46.000 14.400 % 2023 Company B 1.100 5.500 57.000 48.400 25.000 29.700 $ 2022 45,000 500 42.000 20.000 9.000 2.000chapter 3 6. Given the information below, what is the gross margin percent? Round your answer to two decimal places and add a percent sign (i.e. 15.37%) Cost of Merchandise Sold 51.30% Expenses $317,820 Profit 4.65%
- QS 5-4 (Algo) Computing net invoice amounts LO P1 Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. a. b. Merchandise (gross) $ $ GA GA C. $ d. $ 7,600 23,900 80,200 16,500 Terms 2/10, N/60 1/15, n/90 1/10, n/30 3/15, n/45 PaymentQuestion Content Area Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $19,700. What is the amount of sales discount allowable? a. $189 b. $142 c. $201 d. $394Instructions Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account itles. CNOW journals do not use ines for jounal explanations. Every Nne on a journal page is used for debit or aredit ents. CNOW journals will automaticaly indent a credit entry when a credit amount s entered. 1 Sold merchandise on account, $94,800 with terms 2/10, n30. The sost.ot the merchandise nold was Mar. $56,900. Received payment les the discount. 13 Issued a $500 oredit memo for damaged merchandise. The customer agreed to keep the merchandise
- Homework i A company reports the following sales-related information. Sales, gross Sales discounts $295,000 Sales returns and allowances 5,900 Sales salaries expense Prepare the net sales portion only of this company's multiple-step income statement. Net sales Multiple-Step Income Statement (Partial) Saved < Prev. $ 22,000 11,900 10 of 10 HH hp nExercise 5-11 Calculating income statement components LO1, 5 Calculate the missing amounts. (Loss amounts should be indicated with a minus sign and input all other amounts as positive values. Do not round intermediate calculations. Round "Gross profit ratio" to 2 decimal places.) Company A Company B 2023 2022 2023 2022 Sales $ Sales discounts 265,000 2,650 $ 189,000 $ 52,900 $ 49,500 1,100 590 Sales returns and allowances 16,900 6,400 Net sales 262,350 170,650 51,210 46,500 Cost of goods sold 158,100 57,900 Gross profit from sales 51,900 49,300 22,700 Selling expenses 18,820 19,900 25,900 Administrative expenses 26,500 30,600 9,900 Total operating expenses 45,320 47,800 Profit (loss) 58,930 15,300 2,900 Gross profit ratio 39.75 % % % %еВook Print Item Revenue Section, Multiple-Step Income Statement Instructions Income Statement Instructions Based on the information that follows: Sales $86,300 Sales Returns and Allowances 2,330 Sales Discounts 1,726 Required: Prepare the revenue section of a multiple-step income statement. %3D
- Exercise 4-16 (Algo) Computing net sales for multiple-step income statement LO P4 A company reports the following sales-related information. $ 275,000 Sales returns and allowances 5,500 Sales salaries expense $ 18,000 11,500 Sales, gross Sales discounts Prepare the net sales portion only of this company's multiple-step income statement. Multiple-Step Income Statement (Partial) Net salesv2.cengagenow.com C 64% A CO Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $19,800 with terms 1/10, n/30. The cost of the merchandise sold was $11,880. Sale Accounts Receivable Sales 19,602 19,602 V Cost Cost of Merchandise Sold Merchandise Inventory < Feedback 11,880 11,880 ▼ Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sale is made. In the first entry, revenue on account is recorded by debiting Accounts Receivable and crediting Sales. A second entry records the cost of the merchandise sold with a debit and merchandise inventory is credited. b. Received payment less the discount. Cash Check My Work 19,602 Previous Next All work saved. Save and Exit Submit Assignment for GradingQuestion 8 of 20 Widgets, Inc. makes a $300 on account sale to Custom Motors. How is the sale recorded in the Accounts Receivable subsidiary ledger? O A. as a $300 debit O B. It is recorded upon payment. O C. as a $300 payment D. as a $300 credit SUBMIT
