A department store paid $30.94 for a salad bowl. Overhead expense is 23% of the regular selling price and profit is 17% of the regular selling price. During a clearance sale, the set was sold at a markdown of 25%. What was the operating profit or loss on the sale? The operating (Round the fina was S earest cent as needed. Round all intermediate values to six decimal places as needed.) loss profit

A department store paid $30.94 for a salad bowl. Overhead expense is 23% of the regular selling price and profit is 17% of the regular selling price. During a clearance sale, the set was sold at a markdown of 25%. What was the operating profit or loss on the sale? The operating (Round the fina was S earest cent as needed. Round all intermediate values to six decimal places as needed.) loss profit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

uring the month of April, Orison Supply Store sold $39,000 of inventory, with $25,000 sold on credit and the remaining for cash. The business collected $15,000 from the previous month's credit sales that excluded a bad debt of $750. The inventory sold was purchased at a cost of $2,3400. What was the total revenue recognised in the month of September? (Ignore GST for this question)A. None of the other answers B. 54,000 C. 14,250 D. 38,250 E. 39,000
Computers and More offers discounts to its customers and allows the customer to return the product if not satisfied. Computers and More had sales of $850,000 and offers the customer a payment term of 3/12 n/30. The company received $15,000 in returned goods. The cost of goods sold for the period after returns was $320,000. Calculate net profit and gross profit.
.
. With regard to accounts payable: Explain the rationale of taking a cash discount, such as 4/8, n/30. Assume a purchase of $1,000,000. include computations Additionally, determine the approximate balance of accounts payable, if a company stretches its payables to 40 days and on average, they make purchases of $1,000,000 per day from their vendors.
At December 31, 20X0, Oettinger Corporation, a premium kitchen cabinetmaker for the home remodeling industry, reported the following accounts receivable information on its year-end balance sheet: Gross accounts receivable $850,000 Less: Allowance for credit losses (25,000) Accounts receivable (net) $825,000 During 20X1, the company had credit sales of $8,200,000 of which it collected $7,975,000. Oettinger employs the sales revenue approach to estimate its bad debt provisions and, continuing to use the same 1% used in previous years, made the normal adjustment at the end of 20X1. Although 20X1 started off well, the industry experienced a slowdown in the last four months of the year, and cash collections consequently dropped off substantially. Moreover, a major customer, which owed Oettinger $85,000, unexpectedly filed for bankruptcy and went out of business during November, at which time its account was written off. Oettinger's controller is concerned that some customers are…
A department store paid $47.88 for a dinner plate set. Overhead expense is 21% of the regular selling price and profit is 13% of the regular selling price. During a clearance sale, the set was sold at a markdown of 26%. What was the operating profit or loss on the sale? was S The operating (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)