From the following details, calculate net sales revenue. Sales revenue == $460,000 Cost of goods sold = $300,000 Operating expenses = $85,000 Sales discounts = $20,000 Sales returns and allowances = $15,000 Interest revenue = $5,000 a. $400,000 b. $415,000 c. $425,000 d. $455,000

From the following details, calculate net sales revenue. Sales revenue == $460,000 Cost of goods sold = $300,000 Operating expenses = $85,000 Sales discounts = $20,000 Sales returns and allowances = $15,000 Interest revenue = $5,000 a. $400,000 b. $415,000 c. $425,000 d. $455,000

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: Solution

A: What Are Derivatives?Derivatives are contracts between two parties whose value is derived from the…

Q: 3 Under a periodic inventory system, if the beginning inventory is overstated Select one: a.…

A: Step 1: Cost of goods sold For example, the actual beginning inventory is $100 but it is recorded as…

Q: Financial Accounting

A: Step 1: Define Cash DisbursementsAll the transactions that result in cash outflow are credited and…

Q: General accounting 7.9

A: Step 3: Calculate the Initial Revenue and Profit at the Original Selling PriceBefore the competitor…

Q: Account

A: DefinitionsAccounts Receivable (AR):Accounts receivable refers to the amounts due from customers for…

Q: Please give me answer accounting

A: Step 1: Define Manufacturing Overhead AllocationWhen the standard manufacturing overhead cost is…

Q: I need answer of this question general accounting

A: Step 1: Define Under- or Over-Applied Manufacturing OverheadA company's under- or over-applied…

Q: What is the direct price variance on these general accounting question?

A: Step 1: Define Total Direct Material VarianceThe total direct material variance arises when there is…

Q: What amount of goodwill is recorded on these general accounting question?

A: Step 1: Define Goodwill accountingIn accounting, the concept of Goodwill arises when a company…

Q: Accounting meiston press has a debt equity ratio of 1.10 ..calculate

A: Step 1: Given Value for Calculation Debt Equity Ratio = de = 1.10Pre Tax Cost of Debt = cd =…

Q: select true options

A: According to Internal Revenue Service (IRS), if you receive a scholarship, a fellowship grant, or…

Q: Get correct answer accounting

A: To calculate the pretax cost of debt based on Modigliani and Miller's (M&M) Proposition II with…

Q: I want

A: Hello student! To determine the cost of goods sold, we need to first calculate the cost of goods…

Q: (40) A company purchased inventory on account for $7,000. The inventory inspector at the company did…

A: 1st option:The first option is incorrect as return of inventory results in decrease in accounts…

Q: ___ is the after tax return?

A: Explanation of Marginal Tax Rate:The marginal tax rate is the percentage of tax applied to a…

Q: Get correct answer general accounting

A: Step 1:Calculate Market Value of EquityStep 2:Calculate Market Value of DebtStep 3:Calculate…

Q: Sales

A: Explanation: In the given case, we are required to calculate contribution margin. Contribution…

Q: Please give me answer

A: In conclusion, Lee Sun's return on equity (ROE) is 10%, meaning the company generates a 10% return…

Q: Relevant Cost

A: Explanation of Annual Demand:Annual demand refers to the total quantity of goods or materials…

Q: General account

A: IntroductionIn accounting for utilities, revenue recognition is a crucial aspect that ensures…

Q: Please provide step by step solution with answers and provide an excel solution.

A: The Economic Order Quantity (EOQ) is the number of units that a company should add to inventory with…

Q: CORIS RECREATION ASSEMBLY CORIS RA is a government owned enterprise which is legislated to generate…

A: Part AStatement of Cash FlowFor the year ended December 31, 2020(Amounts in $) CASH FLOWS FROM…

Q: Financial accounting need help

A: Step 1: Define EquityEquity indicates the total value that will be returned to the owners of a…

Q: ગુલિક corporation most recent income statement appears below: get correct answer the accounting…

A: Step 1: Calculate average total assets.= (beginning total assets + ending total assets) / 2=…

Q: I need answer of this question

A: Step 1: Define Sales and ExpensesSales and expenses are interlinked; if a firm has to earn revenue…

Q: Solve the financial accounting question

A: Step 1: The total Cost for the Job to be recorded on the job sheet is the sum of Direct Materials,…

Q: Provide Correct Amount

A: Step 1: Definition of DepreciationDepreciation is the systematic allocation of the cost of a…

Q: Please give me answer

A: Step 1: Define Contra AccountsContra accounts deduct the balance in the account that cannot be…

Q: Give true answer this accounting question not use ai

A: Step 1: Define Amortization ExpenseAn amortization expense is the cost of writing off intangible…

Q: Need answer the accounting question please solve

A: Step 1: Define Accrued ExpenseThe accrued expenses are booked so that the expenses are recorded in…

Q: Accounting use the high/low method to estimated both the fixed variable costs

A: Step 1. Identify the Highest and Lowest Activity Levels:Highest Activity Level: In this case, it's…

Q: Prepare journal entries for each transaction listed below. Note: If no entry is required for a…

A: a. Based on the information provided, we need to record two journal entries. The first journal entry…

Q: Sphinxco Manufacturing Company had a computer malfunction that destroyed some of its accounting…

A: To easily solve for the missing amounts and avoid confusion in analyzing the given data, it's best…

Q: Please help, give me a detailed answer to this.

A: (a1)Computation of the total cost of purchasing equipment: Cost of acquired asset include Purchase…

Q: GENERAL ACCOUNT

A: Scholarship BreakdownGraham received a scholarship from the chemistry department at State…

Q: Net income after taxes?

A: Explanation of Depreciation: Depreciation refers to the gradual decline in the value of an asset…

Q: Give me Answer of this Question.. need correct option

A: Step 1: Detailed Definition of Gain or Loss on Disposal of an AssetThe gain or loss on disposal of…

Q: Can you answer this accounting question?

A: Step 1: Define VariancesThe materials spending variance is the difference between the standard…

Q: Please give me answer accounting

A: Step 1: Determine the overhead application rate.Overhead application rate = Estimated…

Q: Puget Sound Divers provides diving services, such as underwater ship repairs, to its clients. The…

A: To create the flexible budget for May with the actual diving-hours of 240, we'll adjust each…

Q: Answer this theoretical Question of financial accounting

A: Definitions:1. Non-Controlling Interests (NCI)Non-controlling interests (NCI) represent the…

Q: Give me answer accounting

A: Step 1: Define Operating ExpensesThe operating expenses are reduced from the net revenue to get…

Q: What is the right option?

A: Explanation of Quality Costs: Quality costs are the total costs incurred by an organization in…

Q: Get correct answer general accounting

A: Step 1: Define Equivalent UnitsThe equivalent units for a manufacturing process are usually…

Q: What is Tikki's ROE for 2008 on these general accounting question

A: Step 1: Define Return on EquityIt is that part of net profits which is available for equity…

Q: Firm earn?

A: Explanation of Retained Earnings: Retained earnings represent the portion of a company's net income…

Q: Provide correct answer this question accounting.....

A: Step 1: Define Interest RevenueInterest revenue for the period refers to the amount receivable on…

Q: Assets

A: Explanation of Total Assets: Total assets represent all the resources owned by a company that have…

Q: Describe the answer with explanation

A: Explanation of Unwinding of Discount: The unwinding of discount refers to the gradual increase in…

Q: 2 Which of the following departments is least likely to be a support department for a boat…

A: The department least likely to be a support department for a boat manufacturing company is molding…

Question

General Accounting Question of the Higher fill Answer

From the following details, calculate net sales revenue.
Sales revenue == $460,000
Cost of goods sold = $300,000
Operating expenses = $85,000
Sales discounts = $20,000
Sales returns and allowances = $15,000
Interest revenue = $5,000
a. $400,000
b. $415,000
c. $425,000
d. $455,000

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
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
Financial information is presented below: Operating Expenses $ 90000 Sales Returns and Allowances 22000 Sales Discounts 9000 Sales Revenue 281000 Cost of Goods Sold 157000 The gross profit rate would be 49.3%. 37.2%. 43.1%. 55.2%.
The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000; Sales discounts P20,000; Sales returns and allowances P15,000; Purchase discounts P5,000; Purchase returns and allowances P7,000; Selling Expenses P40,000; General & Administrative expense P45,000; Interest income P5,000. What is gross margin? P145,000 P105,000 P140,000 P90,000
Solve this problem
What is Net sales revenue?
The following accounting records reveal: A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales. c. P230,000 c. P30,000 P110, 000 P60,000 P250,000 P10,000 P70,000 d. P24,000 d. P200,000
I want to answer
Provide correct answer for this question
Financial information is presented below: Operating expenses $ 50000; Sales returns and allowances 3000; Sales discounts 5000; Sales revenue 184000; Cost of goods sold 98000. Given the information, what would be the gross profit?
How is the gross profit percentagecomputed? Illustrate its calculation and interpretationassuming Net Sales is $100,000 and Cost of Goods Sold is$60,000.