Required information Skip to question   [The following information applies to the questions displayed below.]   The following data were provided by Mystery Incorporated for the year ended December 31:   Cost of Goods Sold $ 160,000 Income Tax Expense 16,290 Merchandise Sales (gross revenue) for Cash 230,000 Merchandise Sales (gross revenue) on Credit 40,000 Office Expense 18,500 Sales Returns and Allowances 6,750 Salaries and Wages Expense 38,200   2-a. What was the dollar amount of gross profit? 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.)

Selected data from Gibson Company follow. Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales Net cash sales Net sales Cost of goods sold Balance Sheets As of December 31 Selling, general, and administrative expenses Other expenses Total operating expenses a. Accounts receivable turnover b. Inventory turnover c. Net margin Income Statement For the Years Ended December 31 Year 3 $395,000 (19,750) $375,250 $480,500 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. (For all requirements, round your answers to 2 decimal places.) times times % Year 2 $371,000 (14,840) $356,160 $442,000 Year 3 $2,006,000 419,000 Year 2 $1,756,000 309,000 2,425,000 2,065,000 1,608,000 1,436,000 240,500 214,100 39,500 22,100 $1,888,000 $1,672,200

Sellall Department Stores reported the following amounts as of its December 31 year-end: Administrative Expenses, $2,400; Cost of Goods Sold, $22,728; Income Tax Expense, $3,000; Interest Expense, $1,600; Interest Revenue, $200; General Expenses, $2,600; Net Sales, $37,880; and Delivery (freight-out) Expense, $300. Required: 1. Calculate the gross profit percentage.   2. How has Sellall performed, relative to the 24.5 percent gross profit percentage reported for Walmart in 2019? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.)check all that apply Sellall Department Stores earned a higher gross profit percentage than Walmart. Walmart earned a higher gross profit percentage than Sellall Department Stores. Sellall includes more mark-up in the prices it charges customers than Walmart. Walmart includes more mark-up in prices it…

The following selected account balances appeared on the financial statements of the Washington Company: Accounts receivable, Jan. 1 $13,000 Accounts receivable, Dec. 31 9,000 Accounts payable, Jan. 1 4,000 Accounts payable, Dec. 31 7,000 Merchandise inventory, Jan 1 10,000 Merchandise inventory, Dec. 31 15,000 Sales 56,000 Cost of merchandıse sold 31,000 The Washington Company uses the direct method to calculate net cash flow from operating activities. Cash collections from customers were O a. S52.000 Ob.S60,000 Oc.$45,000 nd.$56 000 Click Save and Submit to save and submit. Click Save All Answers to save all nswers.