Financial information is presented below: Operating expenses $57,000 Sales returns and allowances 3,000 Sales discounts Sales revenue 5,000 172,000 Cost of goods sold 110,000 Gross Profit would be: A. $62,000. B. $54,000. C. $65,000. D. $59,000.

Financial information is presented below: Operating expenses $57,000 Sales returns and allowances 3,000 Sales discounts Sales revenue 5,000 172,000 Cost of goods sold 110,000 Gross Profit would be: A. $62,000. B. $54,000. C. $65,000. D. $59,000.

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: Hy expert please provide correct answer

A: Step 1: Compute the purchase price of Jedi Inc. sharesStep 2: Compute the fair value of Jedi Inc.…

Q: Provide answer the general accounting question

A: Step 1: Define Accounts PayableAccounts payable is a liability account that records amounts a…

Q: ?

A: Explanation of Cost Plus Reasonable Markup:This method calculates transfer prices by adding a markup…

Q: Cara Industries incurred the following costs for 50,000 units: Variable costs: $90,000 Fixed costs:…

A: We have given, Variable cost for 50,000 units = $90,000 So, Variable cost per unit = 50,000$90,000…

Q: Please given answer general accounting

A: Step 1: Define Capital GainCapital gain is an appreciation in asset's market value over periods.…

Q: Please need help with this general accounting question

A: Step 1: Define High-Low MethodMany cost accounting calculations and analyses depend on the accurate…

Q: I just want to double check that all answers are right.

A: Summary:All calculations appear correct. Each component of the stockholders' equity section has been…

Q: Provide this general account questions answer

A: To determine how an overstatement of ending inventory affects Cost of Goods Sold (COGS) and Net…

Q: (93.) Financial Accounting: Aastha's Enterprises spent $2,400 to purchase equipment three years ago.…

A: Explanation of Book Value: Book value represents the value of an asset as recorded on the balance…

Q: [Cost Account] Aaker Corporation, which has only one product, has provided the following data…

A: To determine the unit product cost under variable costing, we include only the variable…

Q: Financial accounting question

A: Step 1: The Straight-line method charges depreciation at a fixed annual rate on the depreciable…

Q: Please want this general account questions answer

A: To calculate the total manufacturing cost per equivalent unit, we need to compute the cost per…

Q: The Amount of the ending inventory is?

A: Gross Profit = Net Sales - Cost of Goods Sold (COGS)And,COGS = Beginning Inventory + Purchases -…

Q: The Amount of Sheridan company's inventory?

A: In this problem, Sheridan Company applies the Lower of Cost or Net Realizable Value (LCNRV) rule on…

Q: What is the gross profit of this general accounting question?

A: Step 1: Definition of Gross ProfitGross profit is the difference between net sales and the cost of…

Q: I want to correct answer accounting questions

A: Gross profit and gross profit percentage are key measures of a company's profitability. Gross profit…

Q: Green co.incurs a $15 per pound solve this general accounting question

A: Step 1: Meaning of differential revenueDifferential revenue refers to the additional revenue…

Q: In 2021 a single individual operates a business as a sole proprietorship. The business has revenue…

A: The business has revenue of $280,000 and expenses of $112,000.The individual has $4,000 in capital…

Q: general account questions. please answer me soon

A: Step 1: Understanding the ProblemWe are tasked with calculating:Taxable income for the company.The…

Q: This is cost account question. please provide short answer

A: To compute the equivalent units of production for conversion costs, we account for:Units completed…

Q: General accounting

A: Step 1: Define Accounting EquationThe elements of accounting are impacted each time a transaction…

Q: PLEASE HELP MEEEEE

A: CalculationsTrademark Amount ($) CalculationPurchase cost50,000 Useful life (years)$20 Amortization…

Q: Please given answer financial accounting question

A: Step 1: Define TaxesTaxes are levies charged by the government on income, certain transactions,…

Q: None

A: a. Selling Price for Tax Purposes:• Step 1: Determine the selling price for tax purposesb.…

Q: Use the following information to prepare a multistep income statement and a balance sheet for…

A: Revenues:Added Sales Revenue ($364,000) and Interest Revenue ($6,500) to calculate Total Revenues…

Q: I need answer of this question solution general accounting

A: Step 1: Definition of the Accounting EquationThe accounting equation states:Change in Assets=Change…

Q: Questions of general account subject

A: Step 1: Key InformationUnits Available for Sale:Beginning Inventory (Mar. 1): 25 units @ $29 =…

Q: Please answer

A: Step 1: Understand the ProblemWe need to create income statements under both absorption costing and…

Q: What amount should axel report?

A: Partnership's Fiscal Year:GNR Partnership uses an August 31 fiscal year-end. This means that the…

Q: What is the return on total assets of this general accounting question?

A: Step 1: Define Return on AssetsThe return on assets ratio helps evaluate the efficiency of the total…

Q: Financial Accounting

A: Step 1: Define Depreciation EstimatesVarious estimates can be used to calculate a depreciation…

Q: A business using the retail method of inventory costing determines that merchandise inventory at…

A: Retail Method of Inventory ValuationTo calculate the amount of inventory to be reported on the…

Q: Subject = General Account

A: Step 1: Understand the FormulaThe formula for calculating cost of goods sold (COGS) is:…

Q: Alpine manufacturing has sales solve this accounting questions

A: Step 1: Definition of Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL)…

Q: Please given answer financial accounting

A: Step 1: Define Dividend incomeDividend income refers to the income received from the company of…

Q: What markup percentage is the company using on these accounting question?

A: Step 1: Define Markup PercentageMarkup Percentage is the percentage added to the cost price of a…

Q: What is the accruals total reported for this period on these general accounting question?

A: Step 1: IntroductionThe concept of accruals relates to the difference between income recognized on…

Q: Using the following data for Marigold, Inc., compute its asset turnover and the return on assets…

A: Asset Turnover Ratio:The asset turnover ratio measures how efficiently a company uses its assets to…

Q: Financial Accounting Question please find the correct answer

A: Step 1: Define Cost of Equipment:The Cost of Equipment refers to the total amount incurred to…

Q: General Accounting Subject

A: Given:production function: Q = 100KLPrice of capital (rent) = $120 Price of labor (wage) = $30Q =…

Q: Need correct solution . Tag. General Account

A: To calculate the valuation of Nolen Company's inventory at December 31, 2020, using the…

Q: Hy expert give me correct answer

A: Step 1: Define Cost of Goods SoldSome quantity may be sold to customers of the total goods…

Q: Bella cafe has sales of $600,000 with cost solve this accounting questions

A: Step 1: Definition of Net IncomeNet income is the company's total earnings calculated by deducting…

Q: An asset was acquired by Hugo and Sons for a first cost of $100,000 via a 10% per year loan that…

A: Step 1: Key Components for Taxable IncomeTo calculate taxable income, we need to account for the…

Q: Please provide correct answer general accounting question not use chart gpt

A: Step 1:As per the accounting equation, the total assets are always equal to the sum of total…

Q: Hello tutor please solve this accounting questions

A: Step 1: Define BudgetA budget is a report prepared by businesses to show the estimated figures for…

Q: Cleckley corporation operating leverage solve this accounting questions

A: Step 1: Define Operating LeverageOperating leverage calculates how a companies operating income will…

Q: General accounting question

A: Step 1: Net Income can be calculated by preparing the income statement of the firm.First Earnings…

Q: Tutor solve this step by step

A: Explanation of High-Low Method: The High-Low Method is a cost analysis technique used to separate…

Q: I need answer of this question solution general accounting

A: Step 1: Define Sales RevenueA sales revenue is the sale of goods or rendering of services in the…

Question

100%

Financial information is presented below: please solve this financial accounting question

Financial information is presented below:
Operating expenses
$57,000
Sales returns and allowances 3,000
Sales discounts
Sales revenue
5,000
172,000
Cost of goods sold
110,000
Gross Profit would be:
A. $62,000.
B. $54,000.
C. $65,000.
D. $59,000.

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

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
Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?
Financial information is presented below: Operating expenses $ 57,000 Sales returns and allowances 3,000 Sales discounts 5,000 Sales revenue 1,72,000 Cost of goods sold 1,10,000 Gross Profit would be: A. $62,000. B. $54,000. C. $65,000. D. $59,000.
Financial Account information is presented below: Operating expenses $ 57,000 Sales returns and allowances 3,000 Sales discounts 5,000 Sales revenue 1,72,000 Cost of goods sold 1,10,000 Gross Profit would be: A. $62,000. B. $54,000. C. $65,000. D. $59,000.
Need answer
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.
financial account
provide ans. General Account
Provide correct answer for this question
Financial Account
Provide answer this question
provide answer in this general account