From the following, calculate net sales: - - =Net sales - - = Data TableCost of Goods Sold$95Gross Sales184Sales Returns and Allowances18Sales Discounts18Operating Expenses47 From the following, calculate net sales:E (Click the icon to view the data.)Net salesData TableCost of Goods Sold$95Gross Sales184Sales Returns and Allowances18Sales Discounts18Operating Expenses47PrintDone

Net sales = Gross Sales - Sales return and allowances - Sales discount

Answered: From the following, calculate net…

From the following, calculate net sales: - - = Net sales - - = Data Table Cost of Goods Sold $95 Gross Sales 184 Sales Returns and Allowances 18 Sales Discounts 18 Operating Expenses 47

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Sales Sales Revenue Less Sales Discounts Net Sales Cost of Goods Sold Gross Profit Operating…

A: Income Statement - Income Statement includes Revenue earned and Expenses incurred during the…

Q: During the current year, merchandise is sold for $732,000. The cost of the goods sold is $512,400.…

A: Gross profit percentage is calculated by dividing gross profit by net sales revenue. Gross profit…

Q: Ans.

A: Explanation of Income Statement:An income statement, also known as a profit and loss statement,…

Q: Perform a vertical analysis for the entry "Sales Returns and Allowances" on the portion of an income…

A: VERTICAL ANALYSIS OF BALANCE SHEETVertical analysis is a proportional analysis of financial…

Q: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are…

Q: Express the gross profit (GP) in money and as a percentage in the table below. (15 points) Selling…

A: Solution: Gross profit is calculated as = Sales - Cost of goods sold Gross profit ratio = Gross…

Q: Calculate the Gross Profit Percentage using the following informat Net Sales Cost of Goods Sold…

A: Introduction:- Gross profit is calculated by deduction of the cost of goods sold (COGS) from total…

Q: Use the following information: Net sales $ 180,000 124,000

A: Gross profit is calculated as difference between sales and cost of goods sold. Gross profit = Sales…

Q: Perform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown…

A: Vertical analysis of an income statement is a financial analysis technique that involves expressing…

Q: Using the following information, determine the cost of merchandise sold. $28,581 Selling expenses…

A: Cost of merchandise sold means the total cost of the goods that a trader incurred for the…

Q: If the cost of goods available for sale equals $101,757, calculate the cost of goods sold using the…

A: Step 1: The actual formula for cost of goods sold is The formula for calculating COGS is:…

Q: A company reported the following data: Sales, gross Sales discounts Sales returns and allowances…

A: Net sales is the balance of gross sales after deducting sales discounts and sales returns and…

Q: Data Table Sales 24 90,000 S 104,000 $ 65,600 (f) Sales Returns and Allowances 920 (b) 1,610 840…

A: Different given values are to be used to find the required data.

Q: Calculate the missing information based on the format of the income statement. Net Sales Cost of…

A: Net income: Net income is the revenue of the company after deducting all the expenses and taxes. It…

Q: Zara retailer has an inventory turnover in the amount of 2.1, it’s average inventory is 15,500…

A: Inventory turnover ratio is the ratio between the cost of goods sold and average inventory.

Q: Use the following to calculate the general and administrative expenses.

A: General and administrative expenses include the expenses related to the general services of the…

Q: Financial information is presented below: Operating Expenses Sales Returns and Allowances Sales…

A: INCOME STATEMENTIncome Statement is one of the Important Financial Statements of the Company. Income…

Q: If net sales is $373,000 and cost of goods sold is $223,800, what is the gross profit and gross…

A: Gross Profit :— It is the difference between net sales and cost of goods sold. Gross Margin :— It…

Q: Prepare an income statement

A: Income statement is one of the financial statements of the entity which enlists all the revenues and…

Q: Financial information is presented here for Sheridan Company. Sales revenue Sales returns and…

A: Income statement is a part of the financial statement prepared by the business entity at the end of…

Q: Calculate the missing information based on the format of the income statement. Operating Expenses…

A: The income statement is prepared by the management to identify the performance of the business. It…

Q: 1. Calculate the missing information for the purchase. Item Selling Price Sales Tax Rate Sales Tax…

A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…

Q: ($ illions) Revenues $ 100 Cost of Goods Sold 60 Gross Profit 40 Operating Expense 20 Earnings…

A: Profit margin ratio is the percentage measure of the profit of the entity concerning the sales…

Q: find costs of goods sold and operating expenses with the following information? Net Income (Net…

A: Costs of goods sold = Sales - Gross Profit Operating expenses = Gross Profit - Net Income

Q: Computing Net Sales Based on the following information, compute net sales. Gross sales $3,860…

A: Net sales = Gross sales - Sales returns and allowances - Sales discounts

Q: Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold…

A: Computation of the Net sales, cost of goods sold and Net Income are as follows :

Q: Question: The cost of goods sold as a percentage of net sales revenue is (round your answer to two…

A: Given that, Cost of goods sold = $260,000 Net sales revenue = $417,750 The cost of goods sold as a…

Q: If the cost of goods available for sale equals $116,029, calculate the cost of goods sold using the…

A: COST OF GOODS SOLD Cost of Goods Sold is the Sum of Direct Cost & Manufacturing Cost of…

Question

100%

From the following, calculate net sales:

	-		-		=	Net sales
	-		-		=

Data Table

Cost of Goods Sold	$95
Gross Sales	184
Sales Returns and Allowances	18
Sales Discounts	18
Operating Expenses	47

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A company reports the following sales-related information. $ 220,000 Sales returns and allowances 4,400 Sales salaries expense Prepare the net sales portion only of this company's multiple-step income statement. Sales, gross Sales discounts Net sales Multiple-Step Income Statement (Partial) $ 15,000 10,400
Given the information below, what is the gross profit? Sales revenue Accounts receivable Ending inventory Cost of goods sold Sales returns Multiple Choice $76,000 $197,000 $79,000 $106,000 $ 345,000 60,000 118,000 239,000 30,000
Using the following information, what is the amount of net income? Purchases $25,987 Selling expenses $693 Merchandise inventory, September 1 7,575 Merchandise inventory, September 30 8,525 Administrative expenses 955 Sales 50,914 Rent revenue 1,194 Interest expense 848 a.$17,000b.$26,271c.$24,575d.$33,100
Review the following: Data Table Cost of Goods Sold $101 Gross Sales 181 Sales Returns and Allowances 16 Sales Discounts 21 Operating Expenses 47 From the information provided, calculate: a. Gross profit b. Net income or net loss Calculate (a) Gross profit. - = Gross profit - = Calculate (b) Net income or net loss. (Use parentheses or a minus sign to show a net loss.) - = Net income or net loss - =
Perform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown below (as a %). (Round to nearest tenth.) *Chart is attached with the information*
Using the information below, calculate Gross Profit: Sales Revenue $5,000 Sales Discounts $664 Sales Returns and Allowances $357 Cost of Goods Sold $1,306 Inventory $1,451
The following transactions pertain to Year 1, the first-year operations of Rooney Company. All inventory was started and completed during Year 1. Assume that all transactions are cash transactions. 1. Acquired $4,900 cash by issuing common stock. 2. Paid $660 for materials used to produce inventory. 3. Paid $1,900 to production workers. 4. Paid $1,078 rental fee for production equipment. 5. Paid $90 to administrative employees. 6. Paid $106 rental fee for administrative office equipment. 7. Produced 340 units of inventory of which 190 units were sold at a price of $13 each. Required Prepare an income statement and a balance sheet in accordance with GAAP.
Calculate the correct gross profit for 20xx
PROVIDE Answer
Need answer
Hh1. calculate net sales, cost of goods sold and gross profit from sales
Use the following selected information from Corolla to determine the Year 1 and Year 2 trend percentages for net sales using Year 1 as the base. Year 2 Year 1 Net sales $ 277,700 $ 231,700 Cost of goods sold 151,600 129,890 Operating expenses 54,940 52,940 Net earnings 28,320 20,120 Multiple Choice 116.7% for Year 2 and 100.0% for Year 1. 54.6% for Year 2 and 56.1% for Year 1. 36.2% for Year 2 and 40.8% for Year 1. 65.6% for Year 2 and 64.6% for Year 1. 119.9% for Year 2 and 100.0% for Year 1.