Cole Company has sales revenue of $39,000, cost of goods sold of $24,000, and operating expenses of $9,000 for the year ended December 31. Cole's gross profit is: a. $6,000 b. $15,000 c. $30,000 d. $0
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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.For the year, Simmons Incorporated reports net sales of $100,000, cost of goods sold of $80,000, and an average inventory balance of $40,000. What is Simmons’ gross profit ratio? a. 20%.b. 25%.c. 40%.d. 50%.Assume Old Oak Winery made Net Sales Revenue of $73,000 and Cost of Goods Sold totaled $50,000. What was Old Oak Winery's gross profit percentage for this period? (Round your answer to the nearest whole percent.) OA. 2.5 times OB. 4% OC. 32% OD. 68%
- salamagundi, inc. has the following income statement: For the year ended December 31, 2021 net sales: $160 Cost of goods sold: $100 gross profit: $60 Operating expenses: $40 Net income: $20 Using vertical analysis, what percentage is assigned to operating expenses? a. 25% b. 40% c. 66.7% d. 200%Assume Juniper Natural Dyes made Net Sales Revenue of $90,000 and Cost of Goods Sold totaled $58,000. What was Juniper Natural Dyes’s gross profit percentage for this period? (Round your answer to the nearest whole percent.) a. 36% b. 3.4 times c. 64% d. 17%Assume Martinez Company has the following reported amounts: Sales revenue $ 610,000, Sales returns and allowances $ 30,000, Cost of goods sold $ 396,500, and Operating expenses $ 84,000. (a) Compute net sales. Net sales (b) Compute gross profit. Gross profit (c) Compute income from operations. Income from operations (d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.) Gross profit rate %24
- Fields Company presented the following data for the current year: Net sales revenue $275,000 Cost of goods sold 125,000 Operating expenses 40,000 Income tax rate 25% Determine the company's profit margin (rounded) A Select one: O O a. 33% b. 31% C. 28% d. 30%Assume that the Acct 201 Co. has $1,000,000 in Sales ($600,000 on account; $400,000 for cash), Cost of merchandise sold of $100,000 and Operating expenses of $300,000. Acct 201's Gross profit is:Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet sales were $164,000 and net purchases were $81,000.10. Corrigan’s gross profit for the period isa. $79,000.b. $83,000.c. $87,000.d. $164,000.
- o. Horner Corporation reported net sales of $150.000, cost of goods sold of $96,000, operating expenses of $35,000, other expenses of $10,000, net income of $9,000. Calculate the following values. 1. Profit margin. 2. Gross profit rate.Assume the following sales data for a company: Current year $1,025,000 Preceding year 820,000 What is the percentage increase in sales from the preceding year to the current year? Oa. 125% Ob. 25% Oc. 75% Od. 100%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.