Please provide this question solution general accounting Calculate the selling price if a markup of 20% on the sellingprice was maintained and the entity earned R5,800 profit onthis transaction.a. R23,200b. R7,250c. R29,000d. R6,960

Step 1: Define Calculating Selling PricesIn a merchandising company, the selling prices of its…

Answered: Calculate the selling price if a markup…

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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1. Given this information, what is the profit percent? Format your answer to two decimal places and add a %-sign (i.e. 4.52%) Net Sales $561,800 Cost of Goods Sold 275,280 Expenses 253,936 2. Given this information, what is the profit dollars? Round your answer to the dollar and add a dollar sign and comma separator (i.e. $15,467) Net Sales $561,800 Cost of Goods Sold 275,280 Expenses 253,936 3. Given the information below, what is the profit dollars? Round your answer to the dollar and add a dollar sign and comma separator (i.e. $15,467) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140 4. Given the information below, what is the profit percent? Round your answer to two decimal places and add a percent sign (i.e. 15.37%) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140 5. Given the information below, what are…
A business commenced with capital in cash of C1,000. Inventory costing C800 net of sales tax at 17.5% is purchased on credit. Half of this inventory is then sold for C1,000 plus sales tax, the customer paying promptly in cash. The accounting equation after these transactions would show: O a. assets C2,775 less liabilities C975 equals capital C1,200 O b. assets C2,575 less liabilities ¢800 equals capital C1,775 O C. equals capital C1,600 O d. assets C2,575 less liabilities C975 equals capital ¢1,600 assets C1,775 less liabilities ¢175 The balance of petty cash book is O a. A liability O b. A gain O C. An asset O d. An expense Clear my choice

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Calculate the selling price if a markup of 20% on the selling price was maintained and the entity earned R5,800 profit on this transaction. a. R23,200 b. R7,250 c. R29,000 d. R6,960