What the answer for 22The first time I had put 950,000The second time I had put 5,930,000both was WRONGAnswer only question 22Thank you Use the following to answer questions 22 – 29GHT Corporation reports the following amounts in itsDecember 31, 20XD income statement:Cost of goods sold $525,000 Net salesSales discountsSalaries expense$950,00020,000 Advertising expense221,000 Utilities expense125,00032,500Interest revenue5,000|Effective income tax rate20% Interest revenue5,000 Effective income tax rate20%22. $Determine Sales23.$Determine gross profit24. $Determine operating expenses25. $Determine Income before income taxes(IBT)26. $Determine Income tax expense27. $Determine net income28.%Calculate gross profit ratio (round toone decimal place).Comparing GHT's common sizedincome statement with its competitor. The competitor'sgross margin is 43.6%, which company is doing better?29.

22. Ans. $ 970,000 Net Sales ($ 950000 + Sales Discount ( $ 20,000)= $ 970,000

Answered: 22. $ Determine Sales

Business

Accounting

22. $ Determine Sales

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

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