Give true solution for this accounting question For the fiscal year, sales were $8,135,000, salesdiscounts were $795,000, sales returns andallowances were $475,000, and the cost ofmerchandise sold was $5,100,000.a. What was the amount of net sales?b. What was the amount of gross profit?c. If total operating expenses were $1,350,000,could you determine net income?

Step 1: Define Net SalesTo determine the net sales, the contra revenue balances are reduced from the…

Answered: For the fiscal year, sales were…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 6EB: During the current year, Plainfield Manufacturing earned income of $845,000 from total sales of...

See similar textbooks

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
During the current year, Plainfield Manufacturing earned income of $845,000 from total sales of $9,350,000 and average capital assets of $13,500,000. Using the sales margin from the previous exercise, what is the total ROI for the company during the current year?
Solve this one
The gross sales of Store C were $3,475,000. The customer returns were $31.700. What were the net sales?
Need Help please provide
For the fiscal year, sales were $25,565,000 and the merchandise sold cost of was Is $15,400,000. What was the amount of gross profit? If total operating expenses were $4,550,000, could you determine net income? Customer Refunds Payable an asset, liability, or owner's equity account and what is its normal balance? Is Estimated Returns Inventory an asset, liability, or owner's equity account and what is its normal balance?
Determining gross profit During the current year, merchandise is sold for $8, 100,000. The cost ofthe goods sold is $4,698,000. a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement always report a operating income? Explain.
Determining Gross Profit During the current year, merchandise is sold for $900,000. The cost of the goods sold is $522,000. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). % c. Will the income statement always report a operating income?
A company’s net sales were $221,100, its cost of goods sold was $75,800, and its gross profit was $145,300. Calculate the gross margin ratio.
Candy Company had sales is $320,000 and cost of goods sold of $112,000. What is the gross profit margin (ratio of gross profit of sales)?
solve Question with answer of a and b
Determining Gross Profit During the current year, merchandise is sold for $45,870,000. The cost of the merchandise sold is $33,026,400. a. What is the amount of the gross profit? 12,843,600 b. Compute the gross profit percentage (gross profit divided by sales). % c. When will the income statement necessarily report a net income?

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS