TB MC Qu. O5-79 A company has sales of...A company has sales of $742,600 and cost of goods sold of $297,600. Its gross profit equals:Multiple ChoiceSavertHelp Save & Exit SubmitTB MC Qu. 05-79 A company has sales of..A company has sales of $742,600 and cost of goods sold of $297,600. Its gross profit equalsMultiple Choice$445.000).$742600$297600

Formula: Gross Profit= Sales - Cost of goods sold

Answered: A company has sales of $742,600 and…

Business

Accounting

A company has sales of $742,600 and cost of goods sold of $297,600. Its gross profit equals:

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: American Importers reports net income of S50,000 and sales revenue of S625,000. If the company's…

A: Lets understand the basics. Gross profit rate is a rate generated from the sales of the company . It…

Q: A company has sales of $378,600 and its gross profit is $159,100. Its cost of goods sold equals

A: Cost of Goods Sold means cost incurred by the company to sell the goods to customers. The cost which…

Q: During the current year merchandise is sold for 45,870,000. The cost of the merchandise sold is…

A: Gross Profit is one of the components of the profit and loss statement of your business. It is the…

Q: Determining cost of goods soldFor a recent year, Best Buy (BBY) reported sales of $39,528 million.…

A: The gross profit is calculated by deducting the cost of goods sold from the sales revenue.

Q: Revenue and expense data for the current calendar year for Tannenhill Company and for the…

A: Lets understand the basics.There are two type of analysis are made which are,(1) Horizontal analysis…

Q: A high tech company reported sales of $220,000, cost of goods sold of $150,000 and inventory of…

A: Solution: Gross Profit is Sales minus Cost of goods sold. Sales - Cost of goods sold = Gross profit…

Q: A company has net sales of $770,300 and cost of goods sold of $556,300. Its net income is $21,910.…

A: Sales = $770,300 Cost of goods sold = $ 556,300 Gross Margin = $ 214,000

Q: Horner Corporation reported net sales of $150,000, cost of goods sold of $96,000, operating expenses…

Q: A company's net sales are $817,990, its costs of goods sold are $449,895, and its profit is…

A: Lets understand the basics. Gross profit margin is a margin generated on sales. It is derived by…

Q: lex Enterprises reports the following information on its year-end income statement: Net sales…

A: solution : given Net sales $300,000 Operating expenses $60,000 Cost of goods sold…

Q: Candy Company had sales of $320,000 and cost of goods sold of $112,000. What is the gross profit…

A: Gross profit margin helps in assessing how much the company has after paying all the costs which are…

Q: Crane reported the following information for its fiscal year end: On net sales of $ 53.000 billion,…

Q: Acme Factories had net sales of $356,040 and the cost of goods sold was $193,500. Operating expenses…

A: The net profit margin is calculated by dividing net profit by net sales. It shows as to what…

Q: Revenue and expense data for the current calendar year for Tannenhill Company and for the…

A: A common size income statement is similar to a regular income statement, except that each variable…

Q: Revenue and expense data for the current calendar year for Tannenhill Company and for the…

A: Percentages are calculated by taking Sales as a base (100%) and dividing all the figures with the…

Q: Pharoah reported the following information for its fiscal year end: On net sales of $56.600 billion,…

A: A ratio that helps to evaluate how much portions of the sales revenue of a company turns in the…

Q: Income statement information for Lucy Company is as follows: Sales $175,000 Cost of goods…

A: Vertical Analysis - Total Sales will be considered as 100% and other Income Statement items will…

Q: A company's gross profit (or gross margin) was $129,650 and its net sales were $502,900. Its gross…

A: Gross margin Ratio: The Gross Margin Ratio, also known as the gross profit margin ratio, is a…

Q: Income statement information for Einsworth Corporation follows: Sales $537,000 Cost of goods sold…

A: Vertical analysis is one of the methods used in analyzing financial statements. In vertical analysis…

Q: Alex Enterprises reports the following information on its year-end income statement: Net sales…

A: Solution:- Calculation of Gross profit margin and Net profit margin as follows under:-

Q: Cushman company had $836,000 in sales, sales discounts of $12540, sales returns and allowances of…

A: Net Sales :— It is calculated by deducting sales discount and sales return & allowance from…

Q: Consider the following income statement data from the Ross Company: Current Year Prior Year $962,500…

A: Comparative financial statement means where the difference is taken between the figure of two years…

Q: Assume Martinez Company has the following reported amounts: Sales revenue $ 610,000, Sales returns…

A: a. Net sales = sales revenue - sales return and allowance = $610000 - 30000 = $580,000

Q: Calculate income from operations for Jonas Company based on the following data: Sales $764,000…

A: Operating income: It is the profit arrived after deducting all the operating expenses from the…

Q: During the year, cost of goods sold was $120,000; income from operations was $114,000; income tax…

A: The cost of goods sold means the total amount of direct costs that are related to the production of…

Q: In the Augie Company, sales were $750,000, sales returns and allowances were $30,000, and cost of…

A: In accounting gross profit refers to the profit that a business earns from selling its products…

Q: Calculate the net income for a company given the following information: Sales revenue = $100,000,…

A: Given: Sales revenue = $100,000 Cost of goods sold = $40,000 Operating expenses = $20,000 Interest…

Q: For a recent year Best Buy (BBY) reported sales of $39,528 million. It's gross profit was $9,191…

A: Gross margin: Difference between the sales and the cost of goods sold is called gross margin. Gross…

Q: Calculate the net profit for a company given the following information: Total revenue = $100,000,…

A: Net profit is the financial metric that represents the amount of money a company has earned after…

Q: What was the amount of Best Buy’s cost of merchandise sold

A: Cost of merchandise sold indicates the costs involved for the inventory sold by the business in a…

Q: Revenue and expense data for the current calendar year for Tannenhill Company and for the…

A: Common-size income statement: It shows the vertical analysis and each item as percentage of the…

Q: a. Prepare a common-sized income statement comparing the results of operations for Tannenhill…

A: Solution:- Calculation of Common based income statement using below formula as follows:- =Each item…

Q: If a company has sales revenue of $631000, net sales of $500000, and cost of goods sold of $385000,…

A: The gross profit is calculated as difference between sales and cost of goods sold. Gross profit= Net…

Q: If Swifty Corporation has net sales of $515000 and cost of goods sold of $365000, Swifty gross…

A: Gross Profit: Difference between the sales and the cost of goods sold is called gross profit. Gross…

Q: In the Augie Company, sales were $750,000, sales returns and allowances were $30,000, and cost of…

A: The cost of goods available for sale is the cost that is incurred to produce the goods that are…

Q: a company has net sales of 814100 and cost of goods sold of 588100 its net income is 32410 the…

A: Introduction: - Income statement shows company's income and expenses over a period of time.…

Q: Revenue and expense data for the current calendar year for Tannenhill Company and for the…

A: >Common Size Financial Statements show the % value based on specified amount.--For Income…

Q: Cullumber Corporation reported net sales of $160,000, cost of goods sold of $91,200, operating…

A: Net Sale = $160,000 Cost Of Goods Sold = $91,200 Operating Expenses = $35,900 Other Expenses =…

Question

TB MC Qu. O5-79 A company has sales of...
A company has sales of $742,600 and cost of goods sold of $297,600. Its gross profit equals:
Multiple Choice
Savert
Help Save & Exit Submit
TB MC Qu. 05-79 A company has sales of..
A company has sales of $742,600 and cost of goods sold of $297,600. Its gross profit equals
Multiple Choice
$445.000).
$742600
$297600

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

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

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

Calculate the net profit for a company given the following information: total revenue of $500,000, cost of goods sold of $200,000, operating expenses of $100,000, and taxes of $50,000.
Ziehart Pharmaceuticals reported Net Sales of $178,000 and Cost of Goods Sold of $58,000.Candy Electronics Corp. reported Net Sales of $36,000 and Cost of Goods Sold of $26,200. Calculate the gross profit percentage for both companies (rounded to one decimal place). Which company has a greater proportion of its sales available to cover expenses other than cost of goods sold?
Quartz Corporation had the following account balances: Sales, $875,000; Sales Returns and Allowances, $73,000; Cost of Goods Sold, $580,000; and Selling, General & Administrative Expenses, $120,000. How much was Quartz’s gross profit? $802,000 $222,000 $875,000 $248,000 $102,000
A company's gross profit (or gross margin) was $73,920 and its net sales were $352, 000. Its gross margin ratio is: A.21% B.73, 670 C.66% D.276, 130 E.1%
Sales for a firm are $510,000, cost of goods sold are $395,000, and interest expenses are $15,000. What is the gross profit margin? O 22.5% O 20.5% 19.6% O 18.9%
Interest expense = 36,000. Sales revenue = 2,195,000. Interest and dividends = 9,000. Selling expenses = 253,000. Administrative expenses = 104,000. Sales returns and allowances = 98,000. Income tax expense = 168,200. Cost of goods sold = 1,281,000. How much is the gross profit?
Calculate the gross and net profits (in $) and the two profit margins (as %s) for the given company. (Round profit margins to the nearest tenth of a percent.) Company Net Sales Cost ofGoods Sold GrossProfit OperatingExpenses Net Profit Gross ProfitMargin (%) Net ProfitMargin (%) an optometry store $327,735 $201,655 $ $83,921 $ % %
Parkside Pool reports net sales of $551,000, gross profit of $198,000, and net income of $34,000. The company's cost of goods sold is: $551,000. $232,000. $353,000. $319,000.
Shown here is an income statement in the traditional format for a firm with a sales volume of 17,500 units: Revenues $ 175,500 Cost of goods sold ($11,500 + $2.95/unit) 69,025 Gross profit $ 106,475 Operating expenses: Selling ($2,000 + $1.20/unit) 25,400 Administration ($5,250 + $0.45/unit) 14,025 Operating income $ 67,050 Required: a. Prepare an income statement in the contribution margin format. Contribution Margin Income Statement Variable expenses: Total variable expenses 0 0 Fixed expenses: Total fixed expenses 0 $0 b. Calculate the contribution margin per unit and the contribution margin ratio. (Do not round intermediate calculations. Round your answers to 2 decimal places.) c|. Calculate the firm's operating income (or loss) if the volume changed from 19,500 units to 1. 24,500 units. 2. 11,500 units. d. Refer to your answer to part a when total revenues were $175,500. Calculate the firm's operating income (or loss) if unit selling price and variable expense…
The Fortune Company reported the following income for Year 2: Sales $136,000 Cost of goods sold 83,000 Gross margin $53,000 Selling and administrative expense 21,000 Operating income $32,000 Interest expense 5,600 Income before taxes $26,400 Income tax expense 7,920 Net income $18,480 What is the company's number of times interest is earned ratio?
The company’s net income was ₱307,076 which was 10% of sales. Cost of sales was 70% of sales. How much was the company’s gross profit?
Anthony Corporation reported the following amounts for the year: Net sales 296,000 Cost of goods sold 138,000 Average inventory 50,000 Anthony's gross profit ratio is: 53.4%. 51.9%. 50.3%. 46.6%. Anthony's average days in inventory is: 70 days. 114 days. 132 days. 151 days. A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals: 5 times. 10 times. 20 times. 30 times. [Last question is in the picture attached]