Blaze Candles reported the following for the year: Sales: $155,000 Selling Expenses: $12,200 General/Admin Expenses: $18,700 Net Income before tax: $54,000 What is the gross margin?
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- Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000What is the gross margin?
- What is the gross margin ?XYZ Company has the following information for the year: Sales revenue: $500,000 Cost of goods sold: $200,000 Operating expenses: $100,000 Other income: $10,000 Tax rate: 25% Calculate the company's operating income and net income for the year.a company reported a sale revenue for $700000. the gross profit margin is 60% and the selling expenses are 10% of the sales revenue. the general and administrative expenses are $77000 and the income tax rate for the current year is 25%. compute the net income
- Nueva Company reported the following pretax data for its first year of operations. Net sales 7,380 Cost of goods available for sale 5,670 Operating expenses 1,528 Effective tax rate 20% Ending inventories: If LIFO is elected 631 If FIFO is elected 809 What is Nueva's net income if it elects FIFO?What is the gross margin on these accounting question?A company's gross sales are $120,000, with $5,000 in returns and allowances. What are the net sales? A) $115,000 B) $120,000 C) $125,000 D) $110,000
- For the past year, Momsen Limited had sales of $45,017, interest expense of $3,308, cost of goods sold of $15,434, selling and administrative expense of $11,101, and depreciation of $5,400. If the tax rate was 21 percent, what was the company's net income? Multiple Choice $6,842 $4,541, $9,774 $7,721If the following financial information related to XYZ Company. Total Revenues last year $870, depreciation expenses $40, costs of goods sold $350, and interest expenses $50. At the end of the year, current assets were $100 and current liabilities were $105. The company has an average tax rate of 30%. Calculate the net income for XYZ Company by setting up an income statement.Compute the gross margin of this financial accounting question
