Compute the net income considering the following information from Antiques Galore. Sales Gross Margin Selling Expenses $40,000 28,300 5,300 General and Administrative Expenses 5,950 Income Tax Expense 1,750

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Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?

Financial information is presented below: Operating Expenses $91500 Sales Returns and 18900 Allowances Sales Discounts 11300 Sales Revenue 320600 Cost of Goods Sold 173700 The amount of net sales on the income statement would be $320600. $290400. O $301700. O $309300.

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

Prepare the nature of expense SCI for the following accounts below:    Account titles Balance Account titles Balance Sales return P 5,555 Sales P 764,953 Sales discount 13,800 Purchases 467,532 Depreciation Expense  25,600 Purchase return and allowances 5,087 Amortization Expense 10,200 Gain on sale of PPE   5,800 Advertising Expense 40,000 Interest Income  8528 Purchase discount 8,000 Interest Expense 4,968 Freight In 9,800 Salaries Expense 70,000 Utilities Expense 50,000 Rent Expense 56,000 Increase in Inventory 35,800 Bad Debts 4% of net sales

Financial information is presented below: Operating Expenses Sales Returns and Allowances Sales Discounts Sales Revenue Cost of Goods Sold Gross profit would be O $126400. O $144500. O $113700. O $24200. $ 89500 18100 12700 319200 174700

Please provide correct answer the accounting question

Subject - account  Please help me.  Thankyou.

What is Gross Profit?