DEF Company has net sales of $180,000, cost of goods sold of $72,000, operating expenses of $45,000, and administrative expenses of $18,000. What is the gross profit? A. $108,000 B. $63,000 C. $45,000 D. $90,000

DEF Company has net sales of $180,000, cost of goods sold of $72,000, operating expenses of $45,000, and administrative expenses of $18,000. What is the gross profit? A. $108,000 B. $63,000 C. $45,000 D. $90,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Related questions

Q: What is the project expected free cash flow for the year? General accounting

A: Calculate After-Tax EBIT:After-Tax EBIT = EBIT * (1 - Tax Rate)= $520,000 * (1 - 0.35) = $338,000…

Q: Comfy Furniture has work in process inventory valued at $30,000 (60% complete) on March 1. During…

A: Concept of Work in Process Inventory: Work in process (WIP) inventory refers to partially completed…

Q: The total assets of Bramble Co. are $795,000 and its liabilities are equal to one-fourth of its…

A: To calculate Bramble Co.'s stockholders' equity, we use the accounting equation:…

Q: Answer? ? Financial accounting question

A: Step 1: Define Claimed as dependentA qualifying person is a dependent and in the US, the government…

Q: Financial accounting question

A: Step 1: Define Margin LoanA broker informs the customer that a portion of the amount is available…

Q: What is the direct labor efficiency variance?

A: Step 1: Define Direct Labor VariancesDirect labor variance occurs when there arises a difference…

Q: During its first month of operation, Peter's Auto Supply Corporation, which specializes the sale of…

A: Step 1:First pass the journal entries to record the given transactions: DateAccount Titles and…

Q: Tutor OF General Account. Answer . ASAP

A: To calculate the materials price variance, we use the following formula: Materials Price…

Q: Do fast answer of this accounting questions

A: Step 1: Introduction to cost accountingThe field of accounting known as cost accounting is utilized…

Q: NO WARONG ANSWER

A: Step 1:First, calculate the book value of the office furniture: Book value = Original cost -…

Q: Provide correct answer general accounting

A: Step 1: Define Gross Profit MarginA company's cost of goods sold is deducted from its net sales to…

Q: General accounting

A: To calculate the Cost of Goods Sold (COGS) for Towson Manufacturing, we use the following formula:…

Q: What is archware's not income?

A: To calculate Archware Systems' net income, we use the formula for net profit margin: Net Profit…

Q: None

A: Steps for (a) Profit Margin Ratio:1. Identify the formula:• Profit Margin Ratio = (Net Income ÷ Net…

Q: General Accounting question

A: Step 1: Define Contribution Margin RatioThe contribution margin ratio is used in computing the…

Q: general accounting question

A: Net income, also known as "profit after tax," represents the amount of money a company keeps after…

Q: Tatum Company has four products in its inventory. Information about ending inventory is as follows:…

A: The lower of cost or net realizable value (LCNRV) rule states that inventory should be recorded at…

Q: Craft Company produces a single product. Last year, the company had a net operating income of…

A: To determine the sales last year, we will analyze the difference between absorption costing income…

Q: Bajaj's Automotive started the year with total assets of $322,000 and total liabilities of $194,000.…

A: Explanation of Assets:Assets are resources owned by a business that have economic value and are…

Q: Sub: Accounting 09

A: Step 1:Calculate the earnings before tax as follows:EBT = Sales - Total cost - Depreciation -…

Q: Account tutor help

A: To calculate the Labor Quantity Variance (LQV), we use the following formula: Labor Quantity…

Q: Financial Accounting

A: Step 1: Define Raw Materials to be PurchasedThe raw materials to be purchased is the amount of raw…

Q: Calculate the gross margin ratio

A: Step 1: Define The Gross Margin RatioIn finance and accounting, the gross margin measures the gross…

Q: General Account Questions.

A: Step 1: Formula Degree of operating leverage = %Change in EBIT/%Change in Sales Step 2: %Change in…

Q: Mailing advertisements to your customers is what type of cost? a. Direct material cost. b. Direct…

A: Mailing advertisements to your customers is a type of period cost which is selling and marketing…

Q: Cassie Corporation has provided the following information for its most recent month of operation;…

A: Step 1: Use the Gross Profit formula to calculate COGSStep 2: Rearrange the COGS formula to find…

Q: This general account que

A: The correct answer is:c. Product and manufacturing overhead costs. Explanation:Factory Rent:Rent for…

Q: Sub: accounting

A: Explanation of Stockholders' Equity:Stockholders' equity represents the residual interest that the…

Q: kindly help me with general accounting question

A: To calculate the Degree of Operating Leverage (DOL), we use the formula: DOL=%ΔSales%ΔEBIT…

Q: Boom Lay Corp, has a current accounts receivable balance of $327,815. Credit sales for the year just…

A: Step 1: Receivables TurnoverThe formula for Receivables Turnover is: Receivables Turnover=Average…

Q: What is the expected return for black magic cosmetics inc. On these financial accounting question?

A: The question requires the determination of the expected return of a stock. The expected return is…

Q: Discuss the accounting treatment for intangible assets.

A: 1. Initial Recognition:Intangible assets are recognized when:The entity has control over the…

Q: Provide general account solutions

A: Step 1: Identify per-unit costs• Absorption costing: Variable cost + Fixed manufacturing cost per…

Q: General accounting

A: Step 1: Define Return on SalesReturn on sale is a financial ratio that compares the operating income…

Q: What amount of deferred tax liability should be reported?

A: Step 1: Define Tax liabilityThe amount that is to be paid to the government after excluding…

Q: Homestead Jeans Co. has an annual plant capacity of 65,000 units, and current production is 45,000…

A: To perform a differential analysis, we calculate the incremental costs and revenues associated with…

Q: Don't use ai

A: Explanation of Production Cost:Production cost refers to the total expenses incurred in…

Q: How many pounds of raw materials should be purchased in February on these general accounting…

A: Step 1: Introduction to budgetingBudgeting is defined as the process of preparing a financial plan…

Q: For the period ending October 6, compute the following:

A: Data GivenBeginning Inventory (January 1): $140,000Purchases (January 1 to October 6): $670,000Sales…

Q: Cost ACCOUNT

A: To calculate the materials price variance (MPV), use the formula: Materials Price Variance…

Q: Get correct solution for this general accounting question please answer

A: Step 1: Analysis of information providedNet Sales = $1,750,000Cost of Goods Sold = $1,365,000Step 2:…

Q: Punch Manufacturing Corporation owns 80 percent of the common shares of Short Retail Stores. The…

A: Step 1: Consolidated Net Income CalculationConsolidated net income includes:Punch's standalone…

Q: First Boston Corporation acquired 80 percent of Gulfside Corporation common stock on January 1,…

A: Approach to solving the question: Detailed explanation: Data20X7 INCOMENoncontrolling…

Q: PROvide general account answer

A: The correct answer is:c. Manufacturing overhead cost. Explanation:Property taxes on the factory are…

Q: Accounting solve this question

Q: On January 1, 2012, Sterling Enterprises purchased.... Please answer the general accounting question

A: Step 1: Define Gain or Loss on Sale of AssetThe gain or loss on the sale of an asset is the…

Q: Right Answer

A: Concept of Selling Price:The selling price is the amount charged to customers for each unit of a…

Q: Vicco Inc. has Assets of $296,155 and Liabilities of $81,959. The firm has 13,740 shares of stock…

A: Explanation of Assets: Assets represent everything of value that a company owns or has a right to,…

Q: Need help with this financial accounting question

A: Step 1: Required Rate of ReturnThe required rate of return is the lowest return a stakeholder will…

Q: None

A: Step 1: Define Income StatementIn accounting, the net income is presented under the statement of…

Question

Do fast answer of this accounting questions

DEF Company has net sales of $180,000, cost of goods sold of $72,000,
operating expenses of $45,000, and administrative expenses of $18,000. What
is the gross profit?
A. $108,000
B. $63,000
C. $45,000
D. $90,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

A company has $550,000 in net sales and $193,000 in gross profit. This means its cost of goods sold equals a. $743,000. c. $357,000. e. $(193,000). b. $550,000. d. $193,000.
Brad Gravel Pitt Company has sales of $495,000 and cost of goods sold of $302,000. Selling and administrative costs are $100,000. Taxes are $40,000. a. What is the Choose.. gross profit?
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.
Use the Financial information is presented below to determine the Gross Profit: Operating expenses $ 40,000 Sales revenue 200,000 Cost of goods sold 150,000 a. $160,000.b. $ 40,000.c. $ 50,000.d. $ 10,000.
The company's gross profit based on the following is sales $48,000, sales returns and allowances $6,000, operating expenses $6,200, beginning inventory $900, net purchases $9,100, ending inventory $2,300. A. $34,003 B. None of these C. $43,000 D. $34,000 E. $34,300
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
Safety Company had $45,000 in gross sales, $1,200 in sales discounts, $10,000 in cost of goods sold, $5,500 in selling expenses, $600 in sales returns and allowances, and $7,200 in general expenses. What is Safety Company net sales? a.$35,000 b.$43,200 c.$20,500 d.$33,200
A company has sales of $763,000 and cost of goods sold of $306,000 it's gross profit equals what? A. (457,000) B. 763,000 C. 306,000 D. 457,000 E. 1069,000
Cupery Co. has net sales of $105,000, cost of goods sold of $70,000, and operating expenses of $20,000. What is its gross profit and its gross profit rate?
Accounting. If Indiana ink inc has net sales
Hi, please answer the attached question BR,
gross profit calculate