Sheffield Corp.Income StatementFor the Month Ended March 31, 2019SalesSales Revenue390870LessSales Returns and Allowances12730Sales Discounts819020920Net Sales369950Cost of Goods Sold214300Gross Profit /(Loss)155650Operating ExpensesSalaries and Wages Expense59760 Rent Expense31080Freight-Out7460Insurance Expense5260Total Operating Expenses103560Net Income/ (Loss)52090SHOW LIST OF ACCOUNTSSHOW SOLUTIONSHOW ANSWERLINK TO TEXT(b)XYour answer is incorrect. Try again.Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 25.20%.)Gross profit rate58 %

Gross profit rate = Gross profit/Net sales

Answered: (b) XYour answer is incorrect. Try…

(b) XYour answer is incorrect. Try again. Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 25.20%.) Gross profit rate 58 %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Sheffield Corp.
Income Statement
For the Month Ended March 31, 2019
Sales
Sales Revenue
390870
Less
Sales Returns and Allowances
12730
Sales Discounts
8190
20920
Net Sales
369950
Cost of Goods Sold
214300
Gross Profit /(Loss)
155650
Operating Expenses
Salaries and Wages Expense
59760

Rent Expense
31080
Freight-Out
7460
Insurance Expense
5260
Total Operating Expenses
103560
Net Income/ (Loss)
52090
SHOW LIST OF ACCOUNTS
SHOW SOLUTION
SHOW ANSWER
LINK TO TEXT
(b)
XYour answer is incorrect. Try again.
Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 25.20%.)
Gross profit rate
58 %

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