Cost of Goods Sold$ 164,000Income Tax ExpenseMerchandise Sales (gross revenue) for Cash 238,000Merchandise Sales (gross revenue) on Credit 41,60017,470Office Expenses18,900Sales Returns and Allowances6,990Salaries and Wages Expense39,800E6-17 Part 21.2-a. What was the amount of gross profit?2.2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.)By Using Cash Method,

Formula: Gross profit = ( Gross profit / net sales ) x 100

Cost of Goods Sold $ 164,000 Income Tax Expense Merchandise Sales (gross revenue) for Cash 238,000 Merchandise Sales (gross revenue) on Credit 41,600 Office Expenses Sales Returns and Allowances 17,470 18,900 6,990 Salaries and Wages Expense 39,800

Cost of Goods Sold $ 164,000 Income Tax Expense Merchandise Sales (gross revenue) for Cash 238,000 Merchandise Sales (gross revenue) on Credit 41,600 Office Expenses Sales Returns and Allowances 17,470 18,900 6,990 Salaries and Wages Expense 39,800

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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16.Merchandise is sold for cash. The selling price of the merchandise is $6,000, and the sale is subject to a 7% state sales tax. The journal entry for the sale would include a credit to a.Sales Tax Payable for $420 b.Cash for $6,000 c.Sales for $5,580 d.Sales for $6,240 17. Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the amount of sales from these transactions? a.$26,010 b.$24,990 c.$25,500 d.$16,000 18. When a buyer returns merchandise purchased for cash, the buyer will journalize the transaction as a….. a.debit to Cash and a credit to Sales b.debit to Cash and a credit to Merchandise Inventory c.debit to Merchandise Inventory and a credit to Cash d.debit to Sales and a credit to Accounts Payable 19. A sales invoice included the following information: merchandise price, $8,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $1,100 added to the invoice. Assuming that a…
Financial information is presented below: Operating expenses $ 60000 Sales returns and allowances 5000 Sales discounts 8000 Sales revenue 142000 Cost of goods sold 110000 Gross Profit would be a.) $19000. b.) $27000. c.) $32000. d.) $37000.
Gross Profit During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost of the merchandise sold is $1,014,300. What is the amount of the gross profit? 5:58 PM 10/20/2020 Cop 8.
Using the following information, what is the amount of net income? Purchases $32,000 Selling expenses $ 960 Merchandise inventory, September 1 5,700 Merchandise inventory,September 30 6,370 Administrative expenses 910 Sales 63,000 Rent revenue 1,200 Interest expense 1,040 a. $28,760 b. $29,960 c. $31,670 d. $29,800
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Sales $ 150,000 $ 550,000 $ 38,700 $ 255,700 Sales discounts 5,000 17,500 600 4,800 Sales returns and allowances 20,000 6,000 5,100 900 Cost of goods sold 79,750 329,589 24,453 126,500 Compute net sales, gross profit, and the gross margin ratio for each of the four separate companies. (Round your gross margin ratio to 1 decimal place; i.e.; 0.2367 should be entered as 23.7%.) Company columns from above. A. Carrier B. Lennox C. Trane D. York Net sales Gross profits Gross margin ratio
Question: During the current year, merchandise is sold for $194,200 cash and $454,200 on account. The cost of the merchandise sold is $505,800. What is the amount of the gross profit?
Sunburst Electronics reported the following sales information: Cash sales: $82,750 Credit sales: $65,300 Sales returns and allowances: $9,450 Sales discounts: $5,600 Calculate Sunburst Electronics' net sales for this period. a. $133,000 b. $148,050 c. $138,600 d. $143,650 e. $127,400
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Required information Skip to question [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 160,000 Income Tax Expense 16,290 Merchandise Sales (gross revenue) for Cash 230,000 Merchandise Sales (gross revenue) on Credit 40,000 Office Expense 18,500 Sales Returns and Allowances 6,750 Salaries and Wages Expense 38,200 2-a. What was the dollar amount of gross profit? 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.)
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