Given that 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. 1) What is net sales revenue? 2) Assume net sales revenue is 450,000. What is gross profit?

Given that 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. 1) What is net sales revenue? 2) Assume net sales revenue is 450,000. What is gross profit?

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: Please need answer the general accounting question not use ai and chatgpt

A: Step 1: Define Revenues and ExpensesRevenues refer to the sales of goods and services made during…

Q: Smead Manufacturing Company The Smead Manufacturing Company's costing system has two direct-cost…

A: To prepare the schedule of total standard manufacturing costs for the 7,600 output units produced in…

Q: Please provide correct answer financial accounting

A: Book Value Calculation:Book Value = Original Cost - Accumulated DepreciationBook Value = $240,000 -…

Q: Calculate the amount of depreciation to be changed for each year of useful life. Please solve this…

A: Option a: This option is incorrect because any computation will not result to 1,625. Option b: This…

Q: Hiii expert please give me answer general accounting question

A: Step 1: Define Fixed AssetsFixed assets are also called tangible assets or capital assets since they…

Q: need expert advise. solve it

A: Item Unit Cost Net Realizable Value LCNRV Units Total LCNRV Cameras: Minolta 180.00…

Q: correct options with details want for this account problems

A: Key Points:1. Production and Sales:Year 1: 6,000 units produced, 6,000 units soldYear 2: 9,000 units…

Q: When all or a portion of shareholders’ capital investments are returned to them, this is called a…

A: In the field of accounting and finance, when a company decides to return a portion or all of the…

Q: What characterizes the accounting for subscription returns in publishing companies?

A: Option a: This option is incorrect because regular sales returns is not a unique characteristic of…

Q: When does the industry specificity...

A: Explanation of Industry Specificity Principle:The industry specificity principle recognizes that…

Q: 8 want to correct answer general accounting

A: Step 1:First calculate the return on equity: Growth rate = ROE * Retention ratio) / (1 - ROE *…

Q: Please help this question solution

A: Book Value Per Preferred Share: Callable Price: $80 per share Number of Shares: 1,000…

Q: The company has a net income of $199,000, provide correct solution for these accounting question

A: Step 1: Define Accounts ReceivableWhen a company gives credit to its clients, it creates an account…

Q: Total factory overhead Costs of $400, 000

A: Explanation of Factory OverheadFactory overhead refers to the indirect costs associated with…

Q: Hi expert please give me answer accounting questions

A: Given Information:Principal amount (Note payable) = $5,000Interest rate = 5% per yearInterest…

Q: Discuss four different forms of inventory that can be held by a retail firms and how theydiffer from…

A: Retail firms typically hold four types of inventory: Finished Goods, Merchandise, Seasonal…

Q: Marvel Parts, Incorporated, manufactures auto accessories including a set of seat covers that can be…

A: Step 1:1. The material price variance is calculated as follows: Material price variance =(Actual…

Q: Expert please provide answer

A: Explanation of Cash Account Balance (Per Books)The cash account balance is the amount recorded in…

Q: ?

A: Explanation of Industry Specificity Principle: This fundamental accounting principle recognizes that…

Q: Iguana, Incorporated, manufactures bamboo picture frames that sell for $30 each. Each frame requires…

Q: GENERAL ACCOUNTING: 5 MARKS CRYSTAL SPRINGS OBSERVATORY TELESCOPE TIME ALLOCATION: RESEARCH: 50% OF…

A: Explanation of Time Allocation: Time allocation is the process of distributing available time among…

Q: Can you please solve this financial accounting question?

A: Step 1: Define Profit MarginProfit Margin is classified as a financial ratio that aids in assessing…

Q: 1. A household savings-account spreadsheet shows the following entries for the first day of each…

A: Let's proceed step by step: 1. Cash Flows: - January: 148,000 (initial value) - February: +2,500…

Q: What is the maturity value of the note on these financial accounting question?

A: Step 1: Identify the principalStep 2: Determine the interest rateStep 3: Determine the time…

Q: Hi expert please give me answer general accounting

A: Explanation: In the given case, we are required to calculate the internal growth rate using the data…

Q: Business 123 Introduction to Investment May I please have an expert explore the differences between…

A: Cash AccountsA cash account is a brokerage account wherein all the transactions involved must be…

Q: provide account answer

A: To prepare the income statement under variable costing for Aces Inc., we need to follow the…

Q: Accounting: GIVE DAILY REVENUE

A: Explanation of Crop Grades: Crop grades are quality classifications assigned to agricultural…

Q: GENERAL ACCOUNTING 5.2 Question

A: Option a: This option is correct because the composite measurement system in accounting provides a…

Q: Financial Accounting

A: Present Value = Future Value / (1 + Interest Rate)Given:Future Value = $75,000Interest Rate = 10% =…

Q: Need help with this general accounting question

A: Step 1: Define Return on AssetsThe return on assets (ROA) is a ratio that measures the profitability…

Q: How much was the company's ending inventory on this accounting question?

A: Step 1: Define Ending InventoryEnding inventory has three classifications raw materials,…

Q: Jones is seriously ill and has $5.20 million of property that he wants to leave to his four…

A: a-1. Determining the Gift Tax Jones Will Owe We are told that Jones has $5.20 million in property…

Q: Please provide answer the following requirements

A: Step 1: Define Return On AssetsThe Return On Assets is a financial ratio that measures how…

Q: Calculate 2.5 hours cost

A: Explanation of Structured Payment System: A structured payment system is a methodical approach to…

Q: Provide correct answer general accounting

A: Step 1: Define Overhead Allocation BaseIn determining the predetermined overhead rate, the company…

Q: Please provide correct answer financial account not use aii

A: Step 1: Define Manufacturing Overhead CostThe term "manufacturing overhead cost" refers to the…

Q: Please provide correct answer general accounting

A: Step 1: Define Accounts Receivable TurnoverAccounts receivable is a critical component of a…

Q: On January 1, 2018. Orangewood Industries bought a new cash register for $7,500.

A: Step 1: Define Advantages of Straight-line Depreciation MethodThe straight-line depreciation method…

Q: ABC, LLC (ABC) was formed on January 1, 2023, with the partners making the following contributions:…

A: Form 1065 - Page 1 (2023)U.S. Return of Partnership IncomeFor the calendar year 2023 or tax year…

Q: General accounting

A: Step 1: Fixed Cost per Unit• Total Fixed Costs: $240,000• Units Sold: 1,200• Fixed Cost per Unit:…

Q: None

A: Step 1: Define DepreciationDepreciation can be calculated by various methods, the unit-of-activity…

Q: Answer with working steps & explanation

A: Step 1:Explanation for the credit terms: Terms are 2/10, n/30, FOB destination. So,2/10: A 2% sales…

Q: Prepare Cost Reconciliation Report for me in table format

A: Cost Reconciliation ReportAmount ($)Costs to be Accounted For: Beginning Work in Process…

Q: . For the month of January 2024, compute the following variances, indicating whether each…

A: a. Direct materials price variance, based on purchases:Standard price per pound = $4.00Actual price…

Q: What is the firm's debt - equity ratio on these financial accounting question?

A: Step 1: Define Debt-To-Equity RatioThe debt-to-equity ratio is one of the financial leverage ratios…

Q: Complete the following table with the missing amount. Solve general accounting question

A: Step 1: Define Accounting EquationThe accounting equation shows the balance sheet in an equation…

Q: Culver issued $530,000 7% bond on November 1, 2025 for $563,288. The bonds were dated November 1,…

A: Step 1:Computation of the interest expense on Dec. 31, 2025 using the effective interest method:…

Q: Hello tutor please given answer Accounting not use chart gpt

A: Step 1: Define Book ValueThe book value of a company denotes the value stated on the balance sheet…

Q: 10. The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31,…

A: Detailed explanation:Jack acquired Spade's capital interest for$ 150,500…

Question

Can you please solve this general accounting question?

Given that 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.
1) What is net sales revenue?
2) Assume net sales revenue is 450,000. What is gross profit?

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 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?
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.)
What would be the net income for Floress Catering? a. 45,500 b. 16,800 c. 19,800 d. 10,800
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.
Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?
Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
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.
Working Backward: Gross Profit Ratio Acmes gross profit ratio increased by 20% over the prior year. Net sales and cost of goods sold for the prior year were $120,000 and $90,000, respectively. Cost of goods sold for the current year is $140,000. Required Determine the amount of Acmes sales for the current year.
Use the following income statement of Elliott Game Theory Consulting to determine its net operating profit after taxes (NOPAT). Use 25% as the tax rate. Elliott Game Theory Consulting Income Statement for Year Ending December 31