odule Three Assignment - ACC x* CengageNOWv2 | Online teachir xcom/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre...O eBookShow Me HowGross ProfitDuring the current year, merchandise is sold for $118,700 cash and $454,300 on account. The cost of the goods sold is $383,900. What is the amountof the gross profit?PreviousNextCheck My Work6:37 AM45°FA D E a O11/13/2021

Formula: Gross profit = Sales - Cost of goods sold

Answered: During the current year, merchandise is…

During the current year, merchandise is sold for $118,700 cash and $454,300 on account. The cost of the goods sold is $383,900. What is the amount of the gross profit?

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 $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: The cost of goods sold for a company for the year was $1,900,000. Merchandise inventory at the…

A: Merchandise inventory turnover ratio is calculated by dividing the cost of goods sold by the average…

Q: During the current year, merchandise is sold for $53,640 cash and for $82,660 on account. The cost…

A: Gross profit represent the excess amount of revenue over the cost of merchandise sold.

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

A: Introduction: Gross profit: Deduction of cost of goods sold value from the sales value derives the…

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: Help

A: You need to calculate the gross profit from the sale of merchandise during the current year.…

Q: Cost of merchandise sold reported on the income statement was $179,230. The accounts payable balance…

A: The cost of goods sold by a wholesaler or retailer is referred to as the cost of merchandise sold.…

Q: For the current year, Purchases were P324,000; Purchase Returns and Allowances were $3,500; Freight…

A: Cost of goods sold (COGS) : Cost of goods sold budget shows the expenses incurred for producing a…

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: During the current year, merchandise is sold for $148,300 cash and $657,300 on account. The cost of…

A: Gross profit is the amount a company earns from its sales after subtracting the direct cost of…

Q: During the year, a firm purchased $56,970 of merchandise and paid freight charges of $12,680. If the…

A: Net delivered cost of purchases = Purchases + Freight in - Purchase returns and allowances -…

Q: During the current year, merchandise is sold for $175,700 cash and $654,900 on account. The cost of…

A: Income statement is one of the financial statements that shows profitability, total revenue and…

Q: Calculate net sales based on gross sales of $805,000; sales returns of $5,400; and sales discounts…

A: The net sales are the sales calculated after adjusting sales discount, sales return and allowance,…

Q: if the cost of goods sold is $ 400,000 and credit purchases is $250,000, the inventory balance at…

A: Inventory days turnover is calculated by dividing the number of days in a year by inventory turnover…

Q: Kingbird, Inc. had net credit sales of $9023000 and cost of goods sold of $5449000 for the year. The…

A: Average days in inventory depict the number of days for which a company holds its inventories before…

Q: What is the amount of gross profit?

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

Q: If PetCo had net sales of $600,000, goods available for sale of $450,000, and cost of goods sold of…

A: Formula: Gross margin = Total sales - Cost of goods sold

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: compute the ratio if net sales were $893,835 and cost of goods sold were $813,350

A: Gross profit Ratio= (sales-cost of goods sold)/ net sales*100

Q: During the current year, merchandise is sold for $48000 cash and for $336000 on account. The cost of…

A: Gross profit is the amount of profit earned by the entity after deducting the cost of goods sold…

Q: For the fiscal year, sales were $7310000, sales discounts were $120000, sales returns and allowances…

A: GROSS PROFIT : = SALES - SALES DISCOUNT - SALES RETURNS AND ALLOWANCES - COST OF GOODS SOLD

Q: What is GP?

A: Detailed explanation: Gross profit is the difference between the revenue from both sales on cash and…

Q: During the current year, merchandise is sold for $56,600 cash and for $87,400 on account. The cost…

A: Gross profit: Difference between the sales and the cost of goods sold is called gross profit. Gross…

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: What is the amount of the GP?

A: Explanation of Gross Profit: Gross profit is the amount of money a company makes from its sales…

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: During the current year, merchandise is sold for $56,800 cash and for $85,600 on account. The cost…

A: Gross profit is the difference between sales revenue and cost of goods sold. The cost of goods sold…

Q: Cost of goods sold reported on the income statement was $153,920. The accounts payable balance…

A: payment to creditor=Purchase-increase in payable

Q: Cost of merchandise sold reported on the income statement was $403,600. The accounts payable balance…

A: Total Purchase of inventory = Cost of merchandise sold + Increase in inventory = $403,600 + $62,700…

Q: The cost of goods sold for a company for the year was $1,900,000. Merchandise inventory at the…

A: Ratio analysis helps to analyze the financial statements of the company. Management can take…

Q: Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within…

A: Net sales = Sales - Discount Gross profit = Net sales - Cost of goods sold

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: Gross Profit During the current year, merchandise is sold for $21,100 cash and $341,700 on account.…

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: Cost of merchandise sold reported on the income statement was $263000. The accounts payable balance…

A: The value of products sold by a jobber or merchant is noted because the cost of merchandise sold .…

Q: How much is net income

A: Net income = Sales + other income - cost of sales + opening inventory - closing inventory -…

Q: Sellall Department Stores reported the following amounts as of its December 31 year-end:…

A: The gross profit is calculated as difference between sales and cost of goods sold. The gross profit…

Q: Want answer

A: Gross Profit: Gross profit is the income after production costs have been subtracted from revenue…

Question

odule Three Assignment - ACC x
* CengageNOWv2 | Online teachir x
com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre...
O eBook
Show Me How
Gross Profit
During the current year, merchandise is sold for $118,700 cash and $454,300 on account. The cost of the goods sold is $383,900. What is the amount
of the gross profit?
Previous
Next
Check My Work
6:37 AM
45°F
A D E a O
11/13/2021

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

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

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

The cost of goods for sale of Ram Products Inc. was P7, 645,000 and the ending inventory amounts to P1, 314,300. What was the cost of goods sold?
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.
During the current year, merchandise is sold for $43000 cash and for $307000 on account. The cost of merchandise sold is $82000. What is the amount of gross profit?
For the fiscal year, sales were $7280000, sales discounts were $100000, sales returns and allowances were $30000, and the cost of merchandise sold was $4330000. What was the amount of gross profit
During the current year, merchandise is sold for $141,000 cash and $615,200 on account. The cost of the goods sold is $468,800. What is the amount of the gross profit?
Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $62,500). Inventory turnover is 5 (average inventory is $7,800). Accounts receivable turnover is 8 (average accounts receivable is $7,700). Income Statement Net Sales Cost of goods sold Selling, general, and administrative expenses 8800 Income tax expenses 3800 Net Income
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?
During the current year, merchandise is sold for $53,200 cash and for $81,600 on account. The cost of the goods sold is $87,620. What is the amount of the gross profit?
During the current year, merchandise is sold for $173,900 cash and $467,700 on account. The cost of the goods sold is $397,800. What is the amount of the gross profit?$fill in the blank 1
During the current year, merchandise is sold for $50,940 cash and for $83,900 on account. The cost of the goods sold is $87,650. What is the amount of the gross profit?$_____________
LaRoe Lawns’ inventory increased during the year by $5.9 million. Its accounts payable increased by $4.8 million during the same period.Required: What is the amount of cash LaRoe paid to suppliers of merchandise during the reporting period if its cost of goods sold was $56 million? Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. Record the net effect of merchandise purchases.
During the current year, merchandise is sold for $925000. The Gross Profit is $411000. What is the amount of the Cost of Merchandise Sold? Add your answer