General Accounting: A consumer products company reported a 5.4% increase in sales from 2017 to 2018. Sales in 2017 were $29,600. In 2018, the company reported cost of goods sold in the amount of $9,107. What was the gross profit percentage in 2018?
Q: I need answer of this question solution accounting
A: Step 1: Define Price-to-Earnings RatioThe price-to-earnings ratio is calculated to understand the…
Q: I need correct answer accounting question
A: Step 1: Define Notes ReceivableThe note receivable is an asset to the one who holds it, it ,means…
Q: In 1994, Coronado Limited completed the construction of a building at a cost of $1.59 million; it…
A: The first step in calculating depreciation using the straight-line method is to determine the…
Q: The small business deduction is only available on: Multiple Choice The first $500,000 in…
A: The small business deduction is a specific tax relief in Canada aimed at helping smaller businesses…
Q: Kieso Company borrowed $720,000 on a 120 day note at 10 percent interest. Give correct calculation…
A: Step 1: Define Interest ExpenseInterest expense is a cost on the borrowed amount. It is simply a…
Q: I want to correct answer accounting
A: Step 1: Define Overhead Allocation RatesOverhead allocation rates are the rates used to allocate the…
Q: Food shoppe galore had the following information solve this question
A: Step 1: Given Value for Calculation Total Market Value of Company's Stock = s = $650 millionTotal…
Q: find out gross profit------
A: Step 1: Calculate Net SalesNet sales is the total sales minus sales returns and allowances, and…
Q: When the unit of production method of depreciation is used, which of the following best describes…
A: The unit of production method of depreciation is a way of calculating depreciation expense based on…
Q: A partial listing of costs solution this question accounting
A: Step 1: Define Manufacturing OverheadManufacturing overhead includes all the indirect costs related…
Q: Goodman company has sales of 3,000 units solving accounting question
A: Step 1: Define Operating LeverageOperating leverage calculates the percentage change in the…
Q: Step by step solution
A: Step 1: Given that the Aram Event Center tracks hourly rentals for its venue spaces. For a weekend…
Q: Targo company manufacturers a single product solve this question
A: Step 1: Define Manufacturing Overhead BudgetIn order to prepare the manufacturing overhead budget, a…
Q: Please provide answer
A: Step 1: Define Predetermined overhead rateThe overhead is expenses other than direct labor and…
Q: Bad Apple, Inc., uses direct labor hours to allocate overhead costs. Please provide correct answer…
A: Step 1: Define OverheadOverhead consists of expenses that are related to production but cannot be…
Q: Assignment
A: Explanation of Commission: Commission is a fee paid to a salesperson or agent for facilitating a…
Q: Please provide this question solution accounting
A: Step 1: Define Price to Earnings Ratio (P/E)The price to earnings ratio (P/E) is used by analysts to…
Q: A company defined benefit pension plan had a pbo solve this question
A: Step 1: Define Projected Benefit ObligationThe Projected Benefit Obligation (PBO) represents the…
Q: Do fast answer and step by step calculation for these general accounting question not use ai please…
A: Step 1: Define High-Low MethodIn accounting, the high-low method and regression analysis are used to…
Q: ?
A: Hello student! Extraordinary items are those events or transactions that are both unusual in nature…
Q: Wasson company reportd solve the question accounting
A: Step 1: Define Cost of work in processThe sum of the initial work-in-progress cost and all current…
Q: I need this question accounting question
A: Step 1: Define Asset DisposalWe can dispose of a fixed asset on the completion of its useful life or…
Q: If the receivable turnover solving this question
A: Explanation: In the given case, we are required to calculate days receivable outstanding from the…
Q: Overhead Cost for the year was
A: Explanation of Predetermined Overhead Rate:The predetermined overhead rate is calculated before the…
Q: Use the following data to find the total solution this question
A: Step 1: Define Cost VariancesThe cost (or price or rate) variances in standard costing are those…
Q: A vendor prepares 100 hotdogs every day and sells them at $20/piece. For each hot dog, he spends $12…
A: Step 1: Calculate RevenueThe vendor sold 80 hot dogs at $20 each:Revenue from sold hot dogsRevenue…
Q: I want to correct answer accounting
A: Step 1: Define Average Collection PeriodAs its name suggests, the average collection period denotes…
Q: Hello tutor answer these general accounting question only experts answer excepted
A: Step 1: Define Net IncomeThe net amount that the firm generates from the business after considering…
Q: Yoric Company listed the net changes in its balance sheet accounts for the past year as follows:…
A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…
Q: provide answer for this Subject: general account questions
A: Given Data:Inventory Categories: Cameras, Camcorders, DVDsCost Data:Cameras: $10,280Camcorders:…
Q: Condensed data from the comparative statement of financial position of Vermillion Inc. follow: 2024…
A: First, we need to calculate the percentage of a base-year amount for each item using 2022 as the…
Q: I want to correct answer general accounting
A: Step 1: Breakdown of Franchise FeeStep 2: Calculate Present Value of Future PaymentsStep 3:…
Q: How much the period cost are?
A: Step 1: Period costs are the costs that are not related to the production process. These costs are…
Q: Please provide this question solution general accounting
A: Step 1: Define Operating LeverageOperating leverage calculates the changes in the operating income…
Q: Mate corporation standerd wage rate solve this question?
A: Step 1: Define Direct Labor VarianceIn cost accounting, the direct labor variance is the difference…
Q: Answer me
A: To find the optimal stock order quantity, we use the Economic Order Quantity (EOQ) formula, which…
Q: Financial accounting
A: Step 1: Define Profitability RatiosThe purpose of the existence of a company is to earn profits for…
Q: Please give me answer accounting questions
A: Step 1: Define Inventory CostThe cost associated with holding, moving, and maintaining inventory is…
Q: Hii need your help
A: Definitions Related to the Question:Traditional Accounting Systems: Traditional accounting systems…
Q: Want Total Income.
A: Explanation of Hourly Venue Rental: Hourly venue rental represents the practice of charging…
Q: What total manufacturing cost & the unit product cost?
A: Explanation for A: In the given case, we are required to calculate the total manufacturing cost…
Q: Trust worthy bank accepts a promissory accounting questions
A: Step 1: Define Due DateA note's due date refers to the day the note maker should repay the acceptor,…
Q: Accounting Method solution
A: Step 1: Detailed Definition of High-Low Method:The high-low method is the cost-splitting method…
Q: Bavarian sausage,inc.posted the following income solve this question
A: Step 1:Calculate Earnings per Share (EPS)Step 2:Calculate the P/E ratio
Q: Hi expert please give me answer general accounting
A: Step 1: Define DepreciationDepreciation denotes the reduction in the value of capital assets…
Q: i want to answer of this Question of Accounting Subject please solve it fast as posible
A: Step 1: Definition of Freight Cost:Freight is the charges paid by the company for facilitating the…
Q: 55.
A: Explanation of Non-Monetary Exchange:Non-monetary exchanges refer to transactions where goods or…
Q: Need help with this general accounting question please solve
A: Step 1: Define Net SalesNet sales are gross sales after adjusting for sales returns and allowances…
Q: The December 31, 2024, inventory of Tog Company, based on a physical count, was determined to be…
A: - Understated inventory at year-end overstates COGS, which understates net income. By fixing the…
Q: Hello tutor answer the general accounting question not use ai
A: Step 1: Define Accumulated DepreciationIn accounting, a contra-asset account has a credit balance,…
Answer this
Step by step
Solved in 2 steps
- The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.In its year-end financial statements, Pillar Inc. reported the following (in millions): 2016 2015 Sales $38,152 $46,541 Cost of goods sold $28,309 $33,211 As a percentage of sales, did Pillar's gross profit increase or decrease during the year? Select one: a. Gross profit decreased from 28.6% to 25.8% b. Gross profit increased from 71.4% to 74.2% c. Gross profit decreased from 74.2% to 71.4% d. There is not enough information to answer the question. e. Gross profit increased from 25.8% to 28.6%The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.) Cullumber Supply CompanyIncome Statement for the Fiscal Year Ended June 30, 2017($ thousands) % of Net Sales Net sales $2,111,000 enter percentages of net sales % Cost of goods sold 1,464,000 enter percentages of net sales % Selling and administrative expenses 312,200 enter percentages of net sales % Nonrecurring expenses 27,600 enter percentages of net sales % Earnings before interest, taxes, depreciation, and amortization (EBITDA) $307,200 enter percentages of net sales % Depreciation 117,000 enter percentages of net sales % Earnings before interest and taxes (EBIT) 190,200 enter percentages of net sales % Interest expense 118,600 enter percentages of net sales % Earnings before taxes (EBT)…
- Manero Company included the following information in its annual report: 2018 2017 Sales Cost of goods sold Operating expenses Net income $188,400 115,000 50,000 23,400 $162,500 102,500 50,000 10,000 2016 $150,500 100,000 45,000 5,500 In a common size income statement for 2017, the cost of goods sold are expressed as OA. 115.0% OB. 61.0% OC. 100.0% O D. 63.7%Refer to the following mentioned data. Net sales Cost of products sold Gross margin 2017 2016 2015 Required: a. Calculate the gross profit ratio for each of the past three years. (Round your answers to 2 decimal places.) (In millions) 2016 2017 2015 $34,894 $30,411 $26,113 14,318 13,376 13,767 $20,576 $17,035 $12,346 Cost of goods sold Gross profit 58.94 % % % b. Assume that Campbell's net sales for the first four months of 2018 totaled $12.79 billion. Calculate an estimated cost of goods sold and gross profit for the four months, using the gross profit ratio for 2017. (Round Intermediate calculations to 2 decimal places. Enter your answers in millions rounded to nearest whole number (1.e., 5,000,000 should be entered as 5).) million millionComplete the common-size income statement below: Common-Size Income Statement 2016 Revenues $ 29,970 % Cost of goods sold (20,030) Gross profit $ 9,940 % Operating expenses (8,030) Net operating income $ 1,910 % Interest expense (860) Earnings before taxes $ 1,050 % Income taxes (382) Net income $ 668 %
- Refer to the following mentioned data. Net sales Cost of products sold Gross margin (In millions) 2017 2016 $34,954 $30, 040 14,274 13, 395 $20, 680 $16, 645 2017 2016 2015 Required: a. Calculate the gross profit ratio for each of the past three years. (Round your answers to 2 decimal places.) 2015 $26, 091 13, 655 $12, 436 59.16 % 55.41 % 47.66 %Mac Donald company reported the following on its comparative income statement: 2017 2018 2019 Revenue 9,000 10,000 14,000 Cost of goods sold 6,000 4,000 9,000 Prepare a horizontal analysis of revenue , cost of goods sold and gross profitTin company had the following results during 2017: Sales $ 723,000 Gross Margin $ 220,300 Ending Inventory $ 87,700 Based on the information provided, what was the company’s cost of goods sold?
- Čardinal Industries had the following operating results for 2018: Sales = $34,621; Cost of goods sold Dividends paid = $2,023. At the beginning of the year, net fixed assets were $19,970, current assets were $7,075, and current liabilities were $4,01O. At the end of the year, net fixed assets were $24,529, current assets were $8,702, and current liabilities were $4,700. The tax rate for 2018 was 25 percent. $24,359; Depreciation expense = $6,027; Interest expense $2,725; %3D a. What is net income for 2018? (Do not round intermediate calculations.) b. What is the operating cash flow for 2018? (Do not round intermediate calculations.) c. What is the cash flow from assets for 2018? (Do not round intermediate calculations. A negative answer should be indicated by a minus sign.) d- If no new debt was issued during the year, what is the cash flow to creditors? (Do not 1. round intermediate calculations.) d- If no new debt was issued during the year, what is the cash flow to stockholders? (Do…A. The following items were taken from the financial statements of Salley, Inc. over a three year period: Using the horizontal analysis and 2016 as the base year, compute the change in percentages for net sales, cost of goods sold, gross profit, operating expenses and net income. Explain whether the trends are favorable or unfavorable for each item. Item 2018 Net Sales 825,000 Cost of Goods Sold 630,000 Gross Profit 195,000 Operating Expenses 100,000 Net Income P 95,000 2017 P 740,000 580,000 160,000 80,000 P 80,000 2016 675,000 535,000 140,000 75,000 P 65,000Coleman, Inc. provides the following data from its Income Statement for 2018: Net Sales $ 560,000.00 Cost of Goods Sold $ (160,000.00) Gross Profit $ 400,000.00 Calculate the gross profit percentage. (round your answer to two decimal places) A 71.43% B 25.00% C 100.00% D 28.57%