Find the gross margin as a percentage amount. Gross Sales $230,000 Customer Returns and Allowances $17,000 Opening inventory at cost $46,000 Billed cost of goods $118,000 Inward transportation $5,400 Cash Discount $6,400 Closing inventory at cost $37,000 Payroll $48,300 * Occupancy $34,000 Wrapping and packing $1,450 Utilities $3,000 Delivery $2,960 Your Answer:

Find the gross margin as a percentage amount. Gross Sales $230,000 Customer Returns and Allowances $17,000 Opening inventory at cost $46,000 Billed cost of goods $118,000 Inward transportation $5,400 Cash Discount $6,400 Closing inventory at cost $37,000 Payroll $48,300 * Occupancy $34,000 Wrapping and packing $1,450 Utilities $3,000 Delivery $2,960 Your Answer:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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You sold $8,000 of inventory for $10,000 on terms 2/10,n/30. If your customer pays the bill on day five, which of the following are true statements relating to just the day five transaction? Remember that the larger number in a transaction will be the revenue and the smaller one will be the cost of goods sold. A. You will debit cash for $10,000 B. You will credit inventory for $200 C. You will debit discounts for $200 D. You will debit cash for $9,800 E. You will label this transaction as paid bill F. You will label this transaction as a cash entry Select all that apply.
The following accounts and balances are taken from the books of Bosox Company which uses the periodic inventory system. Sales $470,000 Sales returns and allowances 15,000 Sales discounts 2,500 Purchases 255,000 Purchases returns and allowances 18,000 Purchases discounts 5,000 Transportation-In 1,500 Operating expenses 125,000 Beginning inventory $40,000 Ending inventory 35,000 a. Calculate the cost of good sold b. Calculate the gross profit c. Calculate the net income
es ! Required information [The following information applies to the questions displayed below.] The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. October 1 Sold merchandise for $2,000, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,150. October 6 The customer in the October 1 sale returned $200 of merchandise for full credit. The merchandise, which had cost $115, is returned to inventory. October 9 Sold merchandise for $950 cash. Cost of the merchandise is $650. October 30 Received payment for the amount due from the October 1 sale less the return on October 6. Use the above transactions, to analyze each transaction by indicating its effects on the components of the income statement- specifically, identify the accounts and amounts (including + or -) for each transaction. Income Statement Components Sales (gross) Sales discounts Sales returns and allowances Net sales Cost…
32. Calculate inventory turnover. (Hint: Food costs for the month must first be calculated.) Show your calculations. Beginning Inventory/month Food Purchases/month Ending Inventory $2,000 9,000 4,000
Prepre Journal Entries May Made cash sales of $7,100; the cost of the inventory was $3,600. 1 5 Purchased $2,400 of inventory on credit. 9. Made credit sales of $3,300; the cost of the inventory sold was $2,100. 13 Paid sales salaries of $1,100 and office salaries of $400.
Subject: acounting
A pharmacy manager determines that the pharmacy’s average inventory value is $228,050.00. The pharmacy’s annual purchase amount is $725,000.00. What is the pharmacy’s turnover rate? (round to the nearest hundredth) Group of answer choices 3.18 1.46 2.20 0.69
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
balances for a merchandising company are listed below. (The company uses the inventory method.) 1. Selected account periodic Sales Revenue $ 90,000 Sales Returns and Allowances 4,000 Purchases 60,000 Inventory (beginning) ??? Inventory (ending) 13,000 Purchase Returns and Allowances 2,000 Transportation - in 3,000 Transportation-out 1,000 Sales Discounts 6,000 Purchase Discounts Gross Profit 5,000 21,000 Determine the company's beginning inventory. A. $15,000 B. $16,000 C. $18,000 D. $19,000 E. $22,000
Use the following information for The Tinted View, a retail merchandiser of auto windshields, to compute the cost of goods sold (Click the icon to view the information.) = Cost of Goods Sold Data table Web Site Maintenance Delivery Expense $ 7,600 1,000 Freight In 2,400 Purchases 50,000 Ending Merchandise Inventory 4,700 Revenues 68,000 Marketing Expenses 10,300 Beginning Merchandise Inventory 8,600 Print Done - X