Determining Gross Profit During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000. a. What is the amount of the gross profit? $fill in the blank 1 b. Compute the gross profit percentage (gross profit divided by sales). fill in the blank 2 %

Determining Gross Profit During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000. a. What is the amount of the gross profit? $fill in the blank 1 b. Compute the gross profit percentage (gross profit divided by sales). fill in the blank 2 %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: During the current year, merchandise is sold for $8,780,000. The cost of the goods sold is…

A: Given: Merchandise sold =$8780000Cost of goods sold =$5531400

Q: During the current year, merchandise is sold for $366, 100 cash and $1,420,000 on account. The cost…

A: Gross Profit is defined as the profit which the company makes after subtracting the costs linked…

Q: During the current year merchandise is sold for 45,870,000. The cost of the merchandise sold is…

A: Gross Profit is one of the components of the profit and loss statement of your business. It is the…

Q: Determining cost of goods soldFor a recent year, Best Buy (BBY) reported sales of $39,528 million.…

A: The gross profit is calculated by deducting the cost of goods sold from the sales revenue.

Q: Shelcal, Inc. provides the following data for the year2017: Sales revenue $420,000 Sales…

A: We have the following information: Sales revenue: $420,000 Sales returns and allowances: $1,400…

Q: Given the information below, what is the gross profit? Sales revenue $ 305,000 Accounts…

A: The objective of the question is to calculate the gross profit given the sales revenue, cost of…

Q: During the current year, merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of…

A: Gross margin (gross profit):Gross margin is the amount of revenue earned from goods sold over the…

Q: Bob's Bistro produces party-sized hoagi costs: Direct materials Direct labor Variable overhead Fixed…

A: Answer : Cost of goods manufactured : particular Amount $ Opening Work in process…

Q: Income Statement and Accounts for Merchandiser For the fiscal year, sales were $6,580,000 and the…

A: a Compute the gross profit: Sales $6,580,000 Less: Cost of Goods sold $3,816,000 Gross…

Q: 2. Calculate (a) the maintained markup percent and (b) the gross margin percent with the following…

A: Gross margin is the sales revenue over and above all the direct expenses in the business. Markup is…

Q: Calculate the gross profit for Jonas Company based on the data given below: Sales Selling Expenses…

A: INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…

Q: During the current year, merchandise is sold for $300,000 cash and for $625,000 on account. The cost…

A: The gross profit is calculated by deducting the cost of goods sold from the sales revenues (Cash +…

Q: During the current year, merchandise is sold for $145,500 cash and $609,300 on account. The cost of…

A: A. Gross profit = Sales - Cost of goods sold = $6,400,000 - $5,376,000 = $1,024,000 B. Gross profit…

Q: Perform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown…

A: Vertical analysis of an income statement is a financial analysis technique that involves expressing…

Q: Given the information below, what is the gross profit? Sales revenue $ 305,000…

A: The correct answer is $32,000.

Q: Data Table Sales 24 90,000 S 104,000 $ 65,600 (f) Sales Returns and Allowances 920 (b) 1,610 840…

A: Different given values are to be used to find the required data.

Q: Required information ($ thousands) Net sales Cost of goods sold Current Year $ 885,182 396,513…

A: A trend Percentage, commonly referred to as an "index number," can be used to compare financial data…

Q: During the current year, merchandise is sold for $206,200 cash and $430,300 on account. The cost of…

A: The Gross Profit is figured by deducting the Cost of goods sold (COGS) from Total Sales. It is also…

Q: Financial information is presented below: Operating Expenses $ 90,000 Sales Returns and 26,000…

A: The gross profit margin is calculated as gross profit divided by net sales revenue. Gross profit =…

Q: 1. Determine net sales if gross sales were $98,656 and customer returns were 4.8%. 2. Net sales were…

A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…

Q: Find the gross margin percent with the following figures: Round to 2 decimal points. Net sales…

A: GROSS MARGIN Gross margin is the ratio between Gross Profit & Net Sales Revenue. Gross Profit is…

Q: D P Sales S 68,000 $ 43,600 $ 56,000 $ 25,500 Cost of goods sold Merchandise inventory, beginning…

A: We use the following formulas for determine the amount Sales = Cost of goods sold + Gross…

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The coset of…

A: Gross profit: Gross profit can be defined as the profit generated from deducting the cost of goods…

Q: During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost…

A: Revenue (Cash) = 366,100 Revenue (Credit) = 1,420,000 Total Revenue = Cash Revenue + Credit Revenue…

Q: Net sales $ 245,000 Cost of goods sold 176,000 Beginning inventory 54,000 Ending inventory…

A: Given information: Net sales is $245,000 Cost of goods sold is $176,000 Beginning inventory is…

Q: What is the Markup? Price Cost Markup $40.00 $30.00

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: During the current year, merchandise is sold for $54,400 cash and for $81,400 on account. The cost…

A: The difference between the net sales and cost of goods is called Gross profit. Total sales are…

Q: During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: Financial information is presented below: Operating Expenses $ 90000 Sales Returns and Allowances…

A: Gross profit is the earnings from the net revenue generated by the company after meeting the costs…

Q: What is the gross margin percentage

A: Gross margin is the net gain an entity recieved on selling goods without considering expense that is…

Q: During the current year, merchandise is sold for $21,100 cash and $341,700 on account. The cost of…

A: Gross profit is calculated by deducting the cost of sales from the total sales value. The gross…

Q: During the current year, merchandise is sold for $104,100 cash and $545,000 on account. The cost of…

A: Gross profit is the profit a business makes after subtracting all the costs that are related to…

Q: Fill in the blanks in the following separate income statements a through e. b. Sales $ 62,000 $…

A: Gross profit is calculated by deducting the cost of goods sold from the sales amount and net profit…

Q: Given the information below, what is the profit percent? Round your answer to two decimal places…

A: Given: Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570…

Q: Using the accounts and amounts below, calculate Gross Profit: Account Amount Sales Revenue $124,357…

A: The formula for calculating gross profit = Revenue - Cost of Goods Sold Revenue = Net revenue. i.e…

Q: Gross Profit During the current year, merchandise is sold for $140,400 cash and $588,600 on…

A: The cash or profit that is still available after production costs are deducted from sales is known…

Q: Gross Profit During the current year, merchandise is sold for $366,100 cash and $1,420,000 on…

A: Given information: Cash sales is amounted to $366,100 Sales on account (credit) is $1,420,000 Cost…

Q: ales $63,000 $43,600…

A: Solution Formulas used Cost of goods sold =merchandise inventory (beginning ) + total cost of…

Q: During the current year, merchandise is sold for $141,000 cash and $615,200 on account. The cost of…

A: COST OF GOODS SOLD Cost of goods sold is the carrying value of goods sold during a particular…

Q: is sold for $173,900 cash and $467,700

A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…

Q: The following data were provided by Mystery Incorporated for the year ended December 31: Cost of…

A: GROSS PROFIT Gross Profit is the difference between Net Sales Revenue & Cost of Goods Sold. Net…

Q: Financial information is presented below: Operating Expenses $ 44,000 Sales Returns and Allowances…

A: When revenue is divided by cost of products sold, the gross margin is computed. Percentages are used…

Question

Determining Gross Profit
During the current year, merchandise is
sold for $8,100,000. The cost of the
goods sold is $4,698,000.
a. What is the amount of the gross
profit?
$fill in the blank 1
b. Compute the gross profit percentage
(gross profit divided by sales).
fill in the blank 2 %
c. Will the income statement always
report a operating income?
Yes No

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction:

VIEW

Step 2: Gross Profit:

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

During the current year, merchandise is sold for $50,940 cash and for $83,900 on account. The cost of the goods sold is $87,650. What is the amount of the gross profit?$_____________
During the current year, merchandise is sold for $117,500 cash and $241,750 on account. The cost of the merchandise sold is $157,400. What is the amount of the gross profit?
Given the information below, what is the gross profit? Sales revenue Accounts receivable Ending inventory Cost of goods sold Sales returns Multiple Choice $76,000 $197,000 $79,000 $106,000 $ 345,000 60,000 118,000 239,000 30,000
Review the following: Data Table Cost of Goods Sold $101 Gross Sales 181 Sales Returns and Allowances 16 Sales Discounts 21 Operating Expenses 47 From the information provided, calculate: a. Gross profit b. Net income or net loss Calculate (a) Gross profit. - = Gross profit - = Calculate (b) Net income or net loss. (Use parentheses or a minus sign to show a net loss.) - = Net income or net loss - =
Supply the missing dollar amounts for the income statement of Williamson Company for each of the following independent cases: Sales Revenues, gross Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit $ Case A 8,500 200 6,000
During the current year, merchandise is sold for $60,300 cash and for $87,600 on account. The cost of the goods sold is $96,140. What is the amount of the gross profit?
During the current year, merchandise is sold for $135,800 cash and $406,300 on account. The cost of the goods sold is $341,500. What is the amount of the gross profit? $
Sales Cost of goods sold Gross profit Fixed charges (other than interest) Income before interest and taxes Interest Income before taxes Taxes (35%) Income after taxes. LANCASTER CORPORATION a. What is the times-interest-earned ratio? Note: Round your answer to 2 decimal places. Times interest earned Fixed charge coverage times b. What would be the fixed-charge-coverage ratio? Note: Round your answer to 2 decimal places. times $ 259,000 209,000 $ 50,000 24,500 $ 25,500 19,000 $ 6,500 2,275 $ 4,225
Sales revenue $104,000 $enter a dollar amount Sales returns and allowances enter a dollar amount 4,000 Net sales 98,000 129,000 Cost of goods sold 64,600 enter a dollar amount Gross profit enter a dollar amount 56,760 Operating expenses 20,400 enter a dollar amount Net income enter a dollar amount 21,930 Calculate the profit margin and the gross profit rate for each company. (Round answers to 1 decimal place, e.g. 75.5%.) Crane Company Sheridan Company Profit margin enter profit margin in percentages rounded to 1 decimal place % enter profit margin in percentages rounded to 1 decimal place % Gross profit rate enter gross profit rate in percentages rounded to 1 decimal place % enter gross profit rate in percentages rounded to 1 decimal place %
What are the following amounts for the year ended 2/1/20: Net Sales _________ Cost of Goods Sold ____________ Gross Margin ____________ Gross Margin Percentage ____________ Operating Income ____________ Net Income ____________