2023 2022 2021 Beginning Inventory $25,900 $24,750 $25,750 Ending Inventory 24,965 25,900 24,750 Beginning Accounts Receivable $5,350 $7,850 $7,950 Ending Accounts Receivable 7,850 7,950 $8,950 Beginning Assets 198,750 195,000 $175,000 Ending Assets 199,750 198,750 $195,000 Gross sales (all on credit) 52,800 56,400 58,650 Discounts 1,255 1,800 $1,500 Returns and allowances 2,545 1,400 2,000 Cost of goods sold 30,250 27,800 28,750 Operating expenses 4,750 6,250 7,500 Calculate the gross margin percentage (ratio) for each year. 2021: 2022: 2023:
2023 2022 2021 Beginning Inventory $25,900 $24,750 $25,750 Ending Inventory 24,965 25,900 24,750 Beginning Accounts Receivable $5,350 $7,850 $7,950 Ending Accounts Receivable 7,850 7,950 $8,950 Beginning Assets 198,750 195,000 $175,000 Ending Assets 199,750 198,750 $195,000 Gross sales (all on credit) 52,800 56,400 58,650 Discounts 1,255 1,800 $1,500 Returns and allowances 2,545 1,400 2,000 Cost of goods sold 30,250 27,800 28,750 Operating expenses 4,750 6,250 7,500 Calculate the gross margin percentage (ratio) for each year. 2021: 2022: 2023:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
| 2023 | 2022 | 2021 | |
| Beginning Inventory | $25,900 | $24,750 | $25,750 |
| Ending Inventory | 24,965 | 25,900 | 24,750 |
| Beginning |
$5,350 | $7,850 | $7,950 |
| Ending Accounts Receivable | 7,850 | 7,950 | $8,950 |
| Beginning Assets | 198,750 | 195,000 | $175,000 |
| Ending Assets | 199,750 | 198,750 | $195,000 |
| Gross sales (all on credit) | 52,800 | 56,400 | 58,650 |
| Discounts | 1,255 | 1,800 | $1,500 |
| Returns and allowances | 2,545 | 1,400 | 2,000 |
| Cost of goods sold | 30,250 | 27,800 | 28,750 |
| Operating expenses | 4,750 | 6,250 | 7,500 |
Calculate the gross margin percentage (ratio) for each year.
2021:
2022:
2023:
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