AccountsAmountTotal Sales RevenueTravel expense (salespersons)Insurance expensesCost of goods soldSales commissionsSales salaries1,578,50010,0006,000896,770100,000100,00062,30030%13,52018,00031,15038,0008,78530,000Sales returnsTax rateDepreciation of office furniture and equipmentinterest expenseSales discountsDividend revenueDelivery expenseDepreciation of sales equipmentGross Profit??

Gross profit: The gross profit is the amount left after subtracting the cost of goods sold from the…

Accounts Amount Total Sales Revenue Travel expense (salespersons) Insurance expenses Cost of goods sold 1,578,500 10,000 6,000 896,770 100,000 100,000 62,300 30% 13,520 18,000 31.150 Sales commissions Sales salaries Sales returns Tax rate Depreciation of office furniture and equipment interest expense Sales discounts

Accounts Amount Total Sales Revenue Travel expense (salespersons) Insurance expenses Cost of goods sold 1,578,500 10,000 6,000 896,770 100,000 100,000 62,300 30% 13,520 18,000 31.150 Sales commissions Sales salaries Sales returns Tax rate Depreciation of office furniture and equipment interest expense Sales discounts

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

Net sales OR 165000 Cost of the goods sold OR 109000 Details Debit Credit General expenses 11700 Rent 5100 Salaries Payable 9300 Depreciation 1560 Account Payable 3575 Other income 2500 Calculate net profit Select one: O a. RO 31140 O b. RO 34715 O c. RO 40140 O d. RO 27265
Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income $ 2,134,000 1,045,660 1,088,340 $ 292,358 51,216 57,618 6,402 23,474 431,068 657,272 8,536 $ 665,808 Accounts receivable Inventory $ 47,650 increase Accounts payable 34,400 increase Salaries payable $ 8,025 decrease 2,550 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities es Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities + ก
Cost of Goods Sold $ 164,000 Income Tax Expense Merchandise Sales (gross revenue) for Cash 238,000 Merchandise Sales (gross revenue) on Credit 41,600 17,470 Office Expenses 18,900 Sales Returns and Allowances 6,990 Salaries and Wages Expense 39,800 E6-17 Part 2 1.2-a. What was the amount of gross profit? 2.2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.) By Using Cash Method,
Question attached in screenshot below need help asap thanks aprpeciated i51oiyji1o5j1io5yj51oijygmi lo1 51
Homework i A company reports the following sales-related information. Sales, gross Sales discounts $295,000 Sales returns and allowances 5,900 Sales salaries expense Prepare the net sales portion only of this company's multiple-step income statement. Net sales Multiple-Step Income Statement (Partial) Saved < Prev. $ 22,000 11,900 10 of 10 HH hp n
Dog
Using the following information, what is the amount of net income? Purchases $25,987 Selling expenses $693 Merchandise inventory, September 1 7,575 Merchandise inventory, September 30 8,525 Administrative expenses 955 Sales 50,914 Rent revenue 1,194 Interest expense 848 a.$17,000b.$26,271c.$24,575d.$33,100
Sales Sales returns and allowances (a) Net sales Cost of goods sold Gross profit Operating expenses Profit from operations Other expenses (b) Ivanhoe Cosmetics Sarasota Grocery Metlock Footwear $234,000 (e) S $292,000 Profit for the year (d) 214,000 102,000 48,000 9.000 2 (h) 26,000 341,000 197,000 9,000 66.000 の (K) 15,000 169,000 99,000 46,000
Sales Sales Revenue Less V: Sales Returns and Allowances Net Sales Skysong, Inc. Income Statement LA K LA Please don't provide answer in image format thank you
Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small retail business. Sales $120,700 Sales returns and allowances 810 Sales discounts 680 Merchandise inventory, January 1 34,800 Purchases during the period 77,000 Purchases returns and allowances during the period 3,840 Purchases discounts taken during the period 2,310 Freight-in on merchandise purchased during the period 1,390 Merchandise inventory, December 31 31,500 Determine the gross profit.
Hansaben
View Policies Current Attempt in Progress A company has the following balances: Sales revenue $312.000: Sales Returns and Allowances $2.000: Sales Discounts $4,000: Cost of Goods Sold $184,000: Operating Expenses $84,000. Assume there are no other revenues, other expenses, or income tax expense. How much is the profit margin? O 16.0% O 12.2% O 12.4% O 41.0 % eTextbook and Media Hint 4 ! Save for Later Using multiple attempts will impact your score 10% soore reduction after attempt 1 Attempts; unlimited Submit Answer