Answered: In 2019, Sheffield Corp. sold 3800…

In 2019, Sheffield Corp. sold 3800 units at $600 each. Variable expenses were $420 per unit, and fixed expenses were $240000. What was Sheffield’s 2019 net income?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 13) Armor Inc. carries an $850,000 inventory. Armor estimates the annual cost of carrying the…

A: Inventory carrying cost is the total cost of holding and storing inventory.

Q: In 2022, Palmeira Company had sales of $3,000,000, cost of goods sold was $2,000,000, net income was…

A: Solution We are given with the following information Sales = $ 3,000,000 Cost of goods sold = $…

Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…

A: Change in gross profits = Gross profits in 2019 - Gross profits in 2018=P 330,000 -P328,000=P…

Q: Power Company's income statement for 2021 is given below. If inventory balances are 10000 in 2021…

A: Cost of goods sold in the business means how much cost has, been incurred on goods that are being…

Q: ,000; 2018 - P792,000. Cost of sales = 201 -ross profit 2019 - P330,000; 2018 - P328, er during…

A: Gross Profit Ratio =Gross profit /Net sales gross profit Margin =Gross profit/Net sales ×100

Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…

A: Calculation of Percentage Change in Sales Given , 2019 2018 Sales 810000 792000 The Sales…

Q: On January 1, 2020, the merchandise inventory of Crane, Inc. was $2150000. During 2020 Crane…

A: The cost of goods sold represents the cost value of the inventory that is sold during the period.…

Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…

A: Gross Profit = Sales - Cost of Sales

Q: For the year ended December 31, 2019, Settles Inc. earned an ROI of 9.6%. Sales for the year were…

Q: Doh Inc. provides you the following income statements: 2019 2020 Sales $75,000 $90,000 Less:…

A: Net income The overall profitability of a company after all expenses and costs have been deducted…

Q: Wildhorse Inc. had sales of $2,300,000 for the first quarter of 2020. In making the sales, the…

A: Step 1: Meaning of CVP Income StatementThe Cost-Volume-Profit Income Statement shows the net income…

Q: Jacob’s Landing Inc. has sales of 2,000 for the first quarter of 2019. The company incurred the…

A: Through CVP analysis, the corporation studies the income statement with the cost prospective where…

Q: Assume the following are for Bubba Co. for 2019: Sales $980,000; Merchandise inventory January 1,…

A: Sales less Cost of goods sold is gross profit: Gross profit = Sales - Cost of goods sold. First,…

Q: Presented below is information for Novak Depot for 2022. Interest expense $35,500 Operating…

A: Answer: Single-step Income Statement

Q: during 2019. The change in gross profit due to change in cost price must be:

A: Gross profit % = Gross profit / Sales Gross profit is one of the operational performance indicators.…

Q: The change in gross profit due to change in cost price must be

Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…

A: Gross profit refers to the profit earned after subtracting the cost of goods sold from the sales…

Q: In 2O2O Coca Cola reported net operating revenues of P18.2 billion and cost of goods sold for P0.8…

A: The gross profit rate indicates the percentage of the profit earned by the business after deducting…

Q: Landseeker's Restaurants reported cost of goods sold of $342 million and accounts payable of $64…

A: The ratio analysis helps to analyze the Financial statements of the business on the basis of…

Q: During 2019, Patty's Pizza reported net income of $4,612 million, interest expense of $171 million…

A: Times interest earned ratio is one of the solvency ratio being used in business. It shows how much…

Q: During 2023, Zach Industries had sales of $160, 000, costs of goods sold of $106, 000, selling…

A: Income statement is a primary financial statement of a company that shows its financial health at…

Q: Miranda Company reported the following amounts on its 2018 income statement: Purchases, P100,000;…

A: Cost of goods available for sale means how much cost of goods are being made available for sale to…

Q: Would you rather invest for 40 years at 5% or 20 years at 10%?

A: The objective of this question is to compare the returns of two different investment scenarios: one…

Q: During 2022, Sunland Enterprises generated revenues of $101000. The company's expenses were as…

A: The Net income is an total amount of profit or earnings a company has left after subtracting all of…

Q: The following information is available for Grace Company for 2020: Disbursements for purchases…

A: Every business purchases goods and services for use in its business or operations. These can be cash…

Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…

A: Calculation of Sales Value if There would be no reduction in sales price. Sales (2018) = P792000…

Q: What was the amount of the ending inventory?

A: Ending inventory refers to the inventory or stock of goods that is left unsold at the end of the…

Q: During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of…

A: Difference between the Net sales and Cost of goods sold is called Gross profit. Gross profit = Net…

Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

In 2019, Sheffield Corp. sold 3800 units at $600 each. Variable expenses were $420 per unit, and fixed expenses were $240000. What was Sheffield’s 2019 net income?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The Rollings Company had sales of $1,000 with cost of goods sold (COGS) equal to 30% of sales. Rollings also had total other operating expenses of $400, interest expense of $125, and is subject to a flat 40% of its pre-tax income in income taxes. What is Rollings’ net income?
Sharp Co. has generated these data for the 2 most recent years where 2021 sales price was 10% lower than 2020: 2021 2020 Sales P1,944,000 Cost of Sales 1,152,000 Gross Profit P 792,000 P1,900,800 1,113,600 P787,200 Change in gross profit due to change in cost price must be A. P95,232 F C. P151,896 F E. P151,896 U B. P113,495 U D. P113,495 F
At the beginning of the year, Bramble had an inventory of $ 620000. During the year, the company purchased goods costing $2160000. If Bramble reported ending inventory of $ 970000 and sales of $ 3040000, their cost of goods sold and gross profit rate would be
During 2021, Stan Company purchased P 1.92M of inventory. The cost of goods sold for the year was P 1.8M and ending inventory was P 360,000. What was the 2012 inventory turnover?
During August, 2020, Sheffield’s Supply Store generated net sales of $60100. The company’s expenses were as follows: cost of goods sold of $35000 and operating expenses of $4500. The company also had rent revenue of $1000 and a loss on the sale of a delivery truck of $1700. Sheffield’s operating income for the month of August 2020 is $20600.$21600.$19900.$25100.
In 2021, the BowWow Company purchased 17,970 units from its supplier at a cost of $10.00 per unit. BowWow sold 16,230 units of its product in 2021 at a price of $20.00 per unit. BowWow began 2021 with $995,910 in inventory (inventory is carried at a cost of $10.00 per unit). Using this information, compute BowWow's gross profit for 2021. Record your answer rounded to the nearest dollar. Do not include a dollar sign or commas in your answer. For example, record $1,234,567.89 as 1234568. Your Answer:
For 2022 Amaya's Soul Food Catering had total sales of $597,341; sales returns and allowances of $10,514; beginning inventory costs of $38,917; cost of purchases, $261, 053; and year-end inventory of $42,013. Rounded to the nearest dollar (i.e. 12), what are their Net Sales? A • Rounded to the nearest dollar (i.e. 12), what is their Cost of Goods Sold? A • Rounded to the nearest dollar (i.e. 12), what is their Gross Profit? A/
Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792.000. Cost of sales = 2019 - 480,000; 2018 %3D - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in cost price must be:
Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The increase (decrease) in quantity sold must be: (7.95%) 12.00% 13.33% 13.64% Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in cost price must be: P39,680 F P47,290 F P47,290 U P63,290 F P63,290 U Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in quantity…
In 2021, the BowWow Company purchased 19,910 units from its supplier at a cost of $13.00 per unit. BowWow sold 10,060 units of its product in 2021 at a price of $21.00 per unit. BowWow began 2021 with $999,430 in inventory (inventory is carried at a cost of $13.00 per unit). Using this information, compute BowWow's gross profit for 2021. Record your answer rounded to the nearest dollar. Do not include a dollar sign or commas in your answer. For example, record $1,234,567.89 as 1234568.
Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The decrease in gross profit due to decrease in selling price must be: