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Name: Financial information is presented below:Operating expenses 38,000Sale
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Description: Financial information is presented below:Operating expenses 38,000Sales returns and allowances 7,000Sales discounts 8,000Sales revenue 150,000Cost of goods sold 91,000What is the net income?

Business

Accounting

Financial information is presented below: Operating expenses 38,000 Sales returns and allowances 7,000 Sales discounts 8,000 Sales revenue 150,000 Cost of goods sold 91,000 What is the net income?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000; Sales discounts P20,000; Sales returns and allowances P15,000; Purchase discounts P5,000; Purchase returns and allowances P7,000; Selling Expenses P40,000; General & Administrative expense P45,000; Interest income P5,000. What is the net sales? P400,000 P445,000 P415,000 P255,000
The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000; Sales discounts P20,000; Sales returns and allowances P15,000; Purchase discounts P5,000; Purchase returns and allowances P7,000; Selling Expenses P40,000; General & Administrative expense P45,000; Interest income P5,000. What is the net income? P60,000 P65,000 P55,000 P180,000
Use the following information to compute net income. The income tax rate is 40%. Cost of Goods Sold Interest Expense $4,000 1,100 Selling and Administrative Expense 1,750 Sales Dividends a) $1,470 b) $1,890 c) $1,190 d) $1,260 e) $980 10,000 700
Safety Company had $45,000 in gross sales, $1,200 in sales discounts, $10,000 in cost of goods sold, $5,500 in selling expenses, $600 in sales returns and allowances, and $7,200 in general expenses. What is Safety Company net sales? a.$35,000 b.$43,200 c.$20,500 d.$33,200
During the current year, merchandise is sold for $60,300 cash and for $87,600 on account. The cost of the goods sold is $96,140. What is the amount of the gross profit?
Financial information is presented below: Operating Expenses $ 92, 800 Sales Returns and Allowances 18,000 Sales Discounts 12,000 Sales Revenue 350,000 Cost of Goods Sold 176,000 The amount of net sales on the income statement would be Select one: a. $ 338,000. b. $332,000. c. $350,000. d. $320,000.
Complete the following Common Size Income Statement: Amount Percent Sales $14,000 ___________ (b) Cost of Goods Sold 9,000 ___________ (c) Gross Profit 5,000 ___________ (d) Operating Expenses 2,000 ___________ (e) Net Income _________ (a) ____________ (f)
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Prepare Income statement Sales Accounts payable Selling expenses Administrative expenses Other revenues Cost of goods sold Cash Other expenses $30,000 3,000 4,000 5,500 10,000 13,500 12,000 7,000