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...

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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.

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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?
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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.
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