ABC Store reports annual revenue of $85,000, cost of goods sold of $51,000, and operating expenses of $12,000. What is the gross profit? a. $22,000 b. $34,000 c. $51,000 d. $85,000
Q: Please solve this question general accounting
A: Detailed explanation:September Purchase $ 46,000To be paid in the following month of October = $…
Q: Sarah invested in a stock solution general accounting question
A: The question requires the determination of the capital gains yield. A capital gains yield is the…
Q: Beginning wip inventory?
A: Detailed explanation:FY 2005 Beginning Work in Process Inventory = (Cost of Goods Manufactured +…
Q: Please see attachment for details
A: Explanation of Operating Activities: Cash from operating activities represents money generated from…
Q: Please given correct answer general Accounting
A: Step 1: Define Discount NoteDiscount notes are debt financial securities. They are issued at a…
Q: What is it's cash coverage ratio of this financial accounting question?
A: Step 1: Define Coverage RatiosCoverage ratios, as the name suggests, assess the potential of a…
Q: Financial accounts question
A: Step 1: Returns for past 5 yearsYear 1: 18.43% = 0.1843Year 2: 16.82% = 0.1682Year 3: 6.83% =…
Q: How much was the material quantity variance?
A: Step 1: Define Material Quantity VarianceMaterial quantity variance is dependent on the actual…
Q: Please provide correct option for this accounting question
A: Step 1: Define Adjusting Entry for Unearned RevenueWhen rent is received in advance, it is initially…
Q: is used for external reporting. a. Direct costing b. Variable costing c. The contribution margin…
A: Step 1:Step 2:Step 3: Step 4:
Q: Provide correct answer general accounting
A: Step 1: Define Efficiency RatiosEfficiency ratios are a category of financial statement ratios that…
Q: For the year ended December 31, 2015, Pering Co. reported pretax financial income of $550,000. Its…
A: Step 1: Identify the FormulaThe relationship between taxable income and current tax expense is:…
Q: Fatima Engine Shop uses a job order cost system to determine the cost of performing engine repair…
A: Explanation of Overhead Costs:Overhead costs include indirect expenses that cannot be directly…
Q: None
A: Step 1: Define NoteThe note can be defined as a promissory note that is issued by the borrower that…
Q: General Accounting question
A: Step 1: Define Earnings Per ShareEarnings per share are computed by dividing the earnings available…
Q: Clonex Labs, Inc., uses the weighted average method in its process costing system. The following…
A: To compute the equivalent units of production (EUP) for October using the weighted-average method,…
Q: Consider a non-current liability that has resulted in a tax liability for Falko Inc. in its 2018…
A: Understanding Deferred Tax LiabilitiesA deferred tax liability (DTL) arises when there are temporary…
Q: Quick answer of this accounting questions
A: Present Value of Perpetuity = Cash Flow/Interest Rate Present Value of Perpetuity = 2,500,000/3.3%…
Q: General accounting
A: Step 1: Introduction to time value of moneyTime value of money is a financial concept which is used…
Q: Sandy
A: Explanation of Machine Hours: Machine hours represent the time machines are used in the…
Q: Calculate the gross profit margin?
A: Step 1: Define Gross Profit MarginThe gross profit of a company can be calculated in terms of ratio…
Q: A delivery van was purchased solve this accounting questions
A: Step 1: Definition of Straight-Line DepreciationThe straight-line depreciation method allocates the…
Q: Don't use ai given answer accounting questions
A: Step 1: Definition of Degree of Operating LeverageDegree of operating leverage (DOL) measures the…
Q: Don't use ai given answer accounting questions
A: Step 1: Definition of Operating Leverage FactorThe operating leverage factor measures how a change…
Q: Step by step answer with explanation
A: Explanation of Net Cash Flow:Net cash flow represents the difference between total cash inflows…
Q: Units the price is ????? General accounting
A: Step 1: Derived formula Breakeven point = Fixed cost/(Selling price per unit - Variable cost per…
Q: Not use ai solution given correct answer financial Accounting question
A: Step 1: Define Cash DisbursementCash disbursements are the total cash payments that a company makes.…
Q: ? Solution
A: Explanation of Markup:Markup refers to the percentage added to the cost price of a product to…
Q: Accounting
A: To analyze this transaction, let's break it down:Joey Corporation borrows $500,000 from its bank to…
Q: Given correct answer general Accounting
A: Step 1: Define Interest and Principal Component of Notes PayableA loan borrowed from a financial…
Q: Wilson electronics has a market solution general accounting question
A: Step 1: Definition of Debt-to-Capital RatioThe debt-to-capital ratio measures the proportion of debt…
Q: Leone Crop uses the weighted average
A: Concept of Beginning Inventory:Beginning inventory refers to the number of units and their…
Q: Accounting Problem: The markup on a new diamond ring should be 28% based on the selling price. If…
A: Step 1: Selling price = Cost/Cost ratioSelling price = Cost/(Sales ratio - Markup ratio) Step 2:…
Q: Expert of general account take and solve. no ai
A: The correct answer is:d. Overstated, Understated Explanation:If ending inventory is understated, it…
Q: Warehouse has net working capital of $3,600, total assets of $23,700, and net fixed assets of…
A: Explanation of Net Working Capital:Net Working Capital (NWC) is the difference between a company's…
Q: Please see attachment for details
A: Explanation of Sales Revenue: Sales revenue represents the total amount of money generated from…
Q: I want to this question answer general Accounting
A: Step 1: Define Earnings Before Tax (EBT)The firm's earnings before tax is a profitability measure…
Q: I need answer of this question solution general accounting
A: Step 1: Definition of Credit SalesCredit sales represent the total value of sales made on credit…
Q: How much will you have in 11 years?? General accounting
A: Step 1: Given Value for Calculation Present Value = pv = $43,000Time = t = 9Interest Rate = r = 5.5%…
Q: A company produces a single product. Variable production costs Variable selling and administrative…
A: Explanation of Variable Costing: Variable costing is an inventory costing method that only includes…
Q: Sandy Inc. estimates that its employees will utilize 176,000 machine hours during the coming year.…
A: Explanation of Predetermined Overhead Rate:The predetermined overhead rate is a method used to…
Q: Alpha Corporation applies overhead costs to jobs on the basis of direct labor Costs.
A: Explanation of Overhead Costs:Overhead Costs refer to the indirect expenses incurred during the…
Q: Provide correct answer financial Accounting question
A: Step 1: Define Pension PlanA pension plan can be funder or unfunded. If it is funded, it is the…
Q: General Accounting
A: Since NoGrowth Corporation pays a constant dividend forever, we can use the Gordon Growth Model…
Q: I.need this question answer general Accounting
A: Step 1: Define Capital GainA capital asset is sold, its value increases, and it is known as a…
Q: How much will you have in 11 years ??
A: To find out how much you will have in 11 years, we calculate the future value of the $43,000 after…
Q: George Company has a relevant range of 150,000 units to 400,000 units. The company has total fixed…
A: Step 1: Calculate the total variable costs at 175,000 unitsStep 2: Calculate the variable cost per…
Q: I NEED ANSWER
A: Explanation of Applied Overhead: Applied overhead is the amount of manufacturing overhead allocated…
Q: Help
A: Explanation of Selling Price per Unit:The selling price per unit refers to the amount charged to…
Q: Yum Yum Meat Company uses a process costing system. The following information relates to one month's…
A: Step 1: Determine the equivalent units of conversion:• Calculate equivalent units for completed and…
I need this question answer general Accounting
Step by step
Solved in 2 steps
- Use the Financial information is presented below to determine the Gross Profit: Operating expenses $ 40,000 Sales revenue 200,000 Cost of goods sold 150,000 a. $160,000.b. $ 40,000.c. $ 50,000.d. $ 10,000.The income statement for Gilmore Uniforms shows gross profit of $143,000, operating expenses of $130,000, and cost of goods sold of $219,000. What is the amount of net salesrevenue?a. $362,000b. $492,000c. $273,000d. $349,000Determining Gross Profit During the current year, merchandise is sold for $900,000. The cost of the goods sold is $522,000. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). % c. Will the income statement always report a operating income?
- Gross profit would beDetermining Gross Profit During the current year, merchandise is sold for $11,750,000. The cost of the goods sold is $7,050,000. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number. % c. When will the income statement report net income?Determining gross profit During the current year, merchandise is sold for $8, 100,000. The cost ofthe goods sold is $4,698,000. a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement always report a operating income? Explain.
- Calculate the gross profit for Jefferson Company based on the following: Sales $764,000 Selling expenses 42,500 Cost of goods sold 538,000 a.$183,500 b.$721,500 c.$495,500 d.$226,000Safety Company had $45,000 in gross sales, $1,200 in sales discounts, $10,000 in cost of goods sold, $5,500 in selling expenses, $600 in sales returns and allowances, and $7,200 in general expenses. What is Safety Company net sales? a.$35,000 b.$43,200 c.$20,500 d.$33,200Parkside 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.
- The company's gross profit based on the following is sales $48,000, sales returns and allowances $6,000, operating expenses $6,200, beginning inventory $900, net purchases $9,100, ending inventory $2,300. A. $34,003 B. None of these C. $43,000 D. $34,000 E. $34,300During the current year, merchandise is sold for $237,500 cash and $625,000 on account. The cost of the goods sold is $422,300. What is the amount of the gross profit? a.$1,284,800 b.$442,000 c.$34,800 d.$440,200Need help