Refer to the following given information. The cost of inventory sold to customer 220,000 Advertising expenses 25,000 Administrative salary expenses 80,000 Issued common stock 75,000 Interest income 10,000 Insurance expense 4,000 Research and development costs 22,000 Dividends paid 15,000 Тах еxpense 35% Rent expense 12,000 Loss from closing a shop 8,000 Accrued expenses 11,000 Sales price of goods provided to customers 450,000 Loss on the sale of a building 26,000 Gain that is both unusual and infrequent 24 90,000 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24

You have the following information for Wildhorse Gems. Wildhorse uses the periodic system of accounting for its inventory transactions. Wildhorse only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. March 1 March 31 March 5: March 10- March 25 Beginning inventory 150 diamonds at a cost of $320 per diamond. Purchased 200 diamonds at a cost of $360 each. Sold 180 diamonds for $630 each. Purchased 350 diamonds at a cost of $385 each. Sold 395 diamonds for $680 each.

Gross profit is the gross sales price charged for the goods sold A.True B.False

7. Consider the following: Code: A= Gross Profit to Net Sales Ratio B= Gross Profit to Cost of Goods Sold Ratio Which equation is correct? B = A a. 1 - A b. B = 1 + A A с. B = 1 - A A d. B = A 1 + A

True or False: Gross profit is equal to the gross profit margin multiplied by the net sales. Select one: O True O False 4

Gross profit is: The amount left over after cost of goods sold is subtracted from net sales. A.Net sales less operating expenses. B.Sales less sales discount. C.less sales discounts. D.Net sales less selling expenses

Question 56: When using Solver, only one variable can be adjusted. Answer: A. TrueB. False   Question 57: What is the net income value at the breakeven point? Answer:   A.    Maximum possible amount, given sales level     B.    Minimum possible amount, given sales level     C.    $0     D.    $100,000

Help4

Which of the following expressions is incorrect? Gross profit - operating expenses = net income Net income + operating expenses = gross profit ● Sales revenue - cost of goods sold - operating expenses = net income ● Operating expenses - cost of goods sold = gross profit