How much is net income
Q: During the current year, merchandise is sold for $31,850,000. The cost of the merchandise sold is…
A: Gross Profit: Gross profit represents the revenue after the deduction of cost of goods sold from the…
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: Calculate the gross profit from the following? Sales of OMR 20000, Cost of goods sold OMR 8000 and…
A: Sales = OMR 20000 Cost of goods sold = OMR 8000 Return inwards = OMR 6000 Net sales = Sales-Return…
Q: Gross Profit During the current year, merchandise is sold for $366,100 cash and $1,420,000 on…
A: Gross Profit = Total Sales less Cost of Goods Sold
Q: The records of a business show the following information. Sales, p724,200; Sales discounts, P10,000;…
A: Net sales in the business means sales revenue of the business after deducting sales discounts and…
Q: During the current year, merchandise is sold for P86,000 cash and for P93,950 on account. The cost…
A: Gross profit = Sales - Cost of merchandise sold. First, compute the total sales as shown below:
Q: The records of a business show the following information: Sales, P724,200; Sales discounts, P10,000;…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Calculate the missing information based on the format of the income statement. Net Sales Cost of…
A: An income statement is one of the financial statements of a company prepared at the end of the…
Q: Presented below are the components in Jane Company's income statement. Determine the missing…
A: Cost of goods sold means the cost incurred on the goods which has been sold including all direct…
Q: Assuming Net Sales is $180,000, Cost of Goods Sold is $79,000, Selling Expenses are $28,500, General…
A: Income from operations are the income that is generated from the daily operations 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: Given: The Company showed Cost of Goods Sold amounting to P440,000 and its gross profit rate is 45%.…
A: Gross profit ratio is a profitability ratio that calculates the percentage of sales that exceed the…
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 $43000 cash and for $307000 on account. The cost of…
A: Gross profit is considered as the excess of revenue over the cost of merchandise sold.
Q: Calculate the missing information based on the format of the income statement. Net Sales Cost of…
A: Net income: Net income is the revenue of the company after deducting all the expenses and taxes. It…
Q: During the current year, merchandise is sold for $59,180 cash and for $86,380 on account. The cost…
A: Gross Profit is Sales minus Cost of Goods Sold
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: If the amount of net sales is RM23,000, net purchase is RM10,000 and the cost of sales is RM2,450,…
A: Gross Profit =Net Sales - Cost of goods sold
Q: Calculate gross profit from the following? Sales of OMR 20000, Cost of goods sold OMR 8000 and…
A: given Sales of OMR 20000, Cost of goods sold OMR 8000 and Return inwards OMR 4000.
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: Follow Accrual method Cost of Goods Sold $ 164,000 Income Tax Expense 17,470 Merchandise Sales…
A: Cost of goods sold is the actual cost of goods that are being sold to the customers. Gross profit is…
Q: If August Sundries uses a multi-step income statement format, what is their gross margin?
A: Gross margin is the amount of profit over Sales Revenue by deducting cost of goods sold. Gross…
Q: The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…
A: Net Income is the measure of profitability of the business. This is calculated by deducting all type…
Q: Calculate gross profit from the following? Sales OMR 10000, Cost of goods sold OMR 4000 and Return…
A: Gross profit is the profit a company makes after deducting the costs associated with making and…
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: Calculate gross profit from the following? Sales OMR 25000, Cost of goods sold OMR 15000 and Return…
A: Given Sales = 25000 Cost of goods sold = 15000 return inward =5000
Q: .Calculate the gross profit from the following? Sales OMR 25000, Cost of goods sold OMR 15000 and…
A: Net sales = Sales - Return inwards = OMR 25000 - OMR 2000 = OMR 23000
Q: Determining gross profit During the current year, merchandise is sold for $ 11, 750,000. The cost…
A: A. Gross profit = Sales - Cost of goods sold = $11,750,000 - $7,050,000 = $4,700,000
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: Using the following information, what is the amount of net income? Purchases $32,000 Selling…
A: Cost of goods sold = Beginning inventory + Purchases - ending inventory = 5700+32000-6370 = $31,330
Q: Calculate gross profit from the following? Sales OMR 50000, Cost of goods sold OMR 30000 and Return…
A: Formula: Net sales = Sales - return inwards Deduction of return inwards from sales derives the net…
Q: 13. For the accounting period ended 31 December 2021, merchandise inventories sold were RM100,000 in…
A: Solution Given merchandise inventories sold in cash 100000 merchandise inventories sold…
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: Determining gross profit During the current year, merchandise is sold for $8, 100,000. The cost…
A: The gross profit is calculated as difference between sales and cost of goods sold.
Q: Calculate the missing information based on the format of the income statement. Gross Operating Net…
A: Formula: Net profit = Gross margin - Operating expenses
Q: Himantayon Company provided the following information for the current year: Beginning inventory…
A: Gross purchase is the sum of the net purchase and purchase return. The net purchase can be…
Q: During the current year, merchandise is sold for $237,500 cash and $625,000 on account. The cost of…
A: Gross profit means sales revenue earned over and above cost of goods that are sold to customers.…
Q: Calculate gross profit from the following? Sales OMR 10000, Cost of goods sold OMR 4000 and Return…
A: Costs incurred directly by a corporation for producing goods and services are known as cost of goods…
Q: revenue from sales is P98,760; sales return is P35,500; cost of goods sold is P8,490; salaries cost…
A: Computation of gross profit as well as net profit are as follows:
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: 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, merchandise is sold for $925000. The Gross Profit is $411000. What is the…
A: Gross profit = Sales - Cost of merchandise sold
Q: Using the following information, what is the amount of net income? Purchases $25,987 Selling…
A: The income statement is one of the essential parts of the financial statements used for reporting…
Q: multi-step income statement
A: Multi-step income statement means an income statement in which items are classified according to…
Q: Using the following information, what is the amount of net income? Purchases $ 25,599 Selling…
A:
Q: Using the following information, what is the amount of gross profit? Purchases $ 30,526 Selling…
A: Formula: Gross profit = Sales - Cost of goods sold
Q: The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…
A: Interest income is not considered as operating revenue.
Q: Compute the following transactions using multi-step income statement 3. Calculate Sales and Net…
A: Answer - Multi-step Income Statement Format : Particulars Amount Sales XXX Less : Sales…
Q: Given: The Company showed Cost of Goods Sold amounting to P645,750 and its gross profit rate is 40%.…
A: Calculation of Total Sales Revenue Total Sales Revenue = Cost of goods sold/ (100% - Gross Profit…
You are given the following: Sales: ₱10,158,841; Cost of sales: ₱4,583,846; Merchandise Inventory, beginning: ₱207,222; Merchandise Inventory, end: ₱258,265; Other income: ₱155,930; and Operating expenses: ₱3,035,563. How much is net income?
Net income = Sales + other income - cost of sales + opening inventory - closing inventory - operating expenses
Net income = ₱10,158,841 + ₱155,930 - ₱4,583,846 + ₱207,222 - ₱258,265 - ₱3,035,563
= ₱2,644,319
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- During the current year, merchandise is sold for $31,850,000. The cost of the 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 a net income? Explain.Determining 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.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 $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?During the current year, merchandise is sold for $970,000. The cost of the merchandise sold is $630,500. a) What is the amount of the gross profit? (b) compute the gross profit percentage. (c) when will thr 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 $900,000. The cost of the goods sold is $522,000. 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?Use 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$284,000
- Consider the following income statement: Sales Costs Depreciation Taxes Calculate the EBIT. EBIT $748,168 486,752 110,700 Net income 23% Calculate the net income.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?The records of a business show the following information. Sales, p724,200; Sales discounts, P10,000; Sales returns; P3,600; and Freight-in, P5,300. How much is the net sales?
