A retail business has sales revenue of $825,000, cost of goods sold of $495,000, administrative expenses of $135,000, and interest expense of $15,000. What is the net income to be closed to retained earnings?
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- For the fiscal year, sales were $191,350,000 and the cost of merchandise sold was $114,800,000.a. What was the amount of gross profit?b. If total operating expenses were $18,250,000, could you determine net income?c. Is Customer Refunds Payable an asset, liability, or owner’s equity account, and what is its normal balance?d. Is Estimated Returns Inventory an asset, liability, or owner’s equity account, and what is its normal balance?what is the correct solution ? general accountingA company has the following details extracted from its profit or loss account:
- What is the gross profit percentage?For the fiscal year, sales were $25,565,000 and the merchandise sold cost of was Is $15,400,000. What was the amount of gross profit? If total operating expenses were $4,550,000, could you determine net income? Customer Refunds Payable an asset, liability, or owner's equity account and what is its normal balance? Is Estimated Returns Inventory an asset, liability, or owner's equity account and what is its normal balance?If a company has sales revenue of $120,000, cost of goods sold of $70,000, and operating expenses of $20,000, what is the net income? Financial Accounting