Hello tutor please given correct answer general accounting During the fiscal year ended December 31, 2019, Riverside Manufacturing Company reportedthe following financial results:••Sales revenue: $425,000Cost of goods sold: $215,000Operating expenses: $89,000⚫ Net income: $76,500Calculate the company's profit margin ratio.Possible answers:a) 18%b) 22.4%c) 24.6%d) 32.1%

Step 1: Define Profit Margin RatioThe Profit Margin Ratio measures how much of each dollar in sales…

Answered: During the fiscal year ended December…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 57BE

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
What is the gross profit
Problem: The financial statements of Muscat Company appear below: MUSCAT COMPANY Income Statement For the Year Ended December 31, 2023 Net sales Cost of goods sold Gross profit \table[[$400,000de
salamagundi, inc. has the following income statement: For the year ended December 31, 2021 net sales: $160 Cost of goods sold: $100 gross profit: $60 Operating expenses: $40 Net income: $20 Using vertical analysis, what percentage is assigned to operating expenses? a. 25% b. 40% c. 66.7% d. 200%
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An extract from an outdoor equipment company's 2021 financial statements follows: Income statement Year ended December 31, 2021 Year ended December 31, 2020 Sales 27,764 26,982 Net income 1,132 (322) What was the company's profitability ratio for 2021? O A. 13.7% OB. 8.8% O C. 4.08% O D. 7.9%
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TASK THREЕ: Income Statement for the year ended 31 December 2020 Edward Frankie Company Company $ Sales 100,000 80,000 Less: Cost of goods sold 60,000 50,000 Gross Profit 40,000 30,000 Less: Expenses 36.000 18,000 Net Profit 4.000 12,000 1. Calculate the gross profit ratio, net profit ratio and expense to sales ratio for each of the company respectively. 2. Comment the profitability of the two companies.

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