calculate the requirements Given the following information for the year ended 12/31/X3:Sales RevenueSelling and Administrative ExpenseSales DiscountsSales Returns and AllowanceCost of Goods SoldInterest ExpenseDetermine the 20X3 gross margin.Balances DR/(CR)(2,10,000)42,0006,00011,0001,25,0004,000

Gross Margin:A company's gross margin is the revenue that remains after directly production-related…

Answered: Given the following information for the…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.3MBA

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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 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
Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.
General Accounting Questions Answer Need
Based on the following data, what is the accounts receivable turnover? Sales on account during year Cost of goods sold during year Accounts receivable, beginning of year Accounts receivable, end of year Inventory, beginning of year Inventory, end of year Oa. 11.7 Ob. 5.4 Oc. 2.7 C. Od. 11.9 $590,953 217,271 49,800 50,913 88,221 108,726
A company shows the following balances: Sales Revenue $2962000Sales Returns and Allowances 402000Sales Discounts 60000Cost of Goods Sold 1350000 What is the gross profit rate? 46.0%58.0%54.0%66.0%
TB Problem Qu. 13-176 (Algo) Common-size percents - Income statement Compute common-size percents for the following comparative Income statements spanning 2 years. Comparative Incore Statements For Year's Ended December 31 Cost of goods sold Gross profit Operating expenses Net Income Cost of goods sold Gross profit Operating expenses Net income Comparative Income Statements For Years Ended December 11 Current Year S 51 1.230,000 799,500 430,500 307 500 percent M Th Prior Year 1.030.000 848.800 113.300 percent
Based on the following data, what is the accounts receivable turnover? Sales on account during year $473,995 Cost of goods sold during year 199,972 Accounts receivable, beginning of year 42,169 Accounts receivable, end of year 49,032 Inventory, beginning of year 96,940 Inventory, end of year 110,654 Oa. 10.4 Оb. 2.4 Oc. 4.3 Od. 11.2
Based on the following data, what is the accounts receivable turnover? Sales on account during year $455,841 Cost of goods sold during year 216,035 Accounts receivable, beginning of year 44,358 Accounts receivable, end of year 48,118 Inventory, beginning of year 87,106 Inventory, end of year 116,902 а. 3.9 Ob. 9.9 С. 2.1 Od. 10.3
Based on the following data, what is the accounts receivable turnover? Sales on account during year $492,917 Cost of goods sold during year 186,483 Accounts receivable, beginning of year 48,618 Accounts receivable, end of year 51,597 Inventory, beginning of year 86,846 Inventory, end of year 106,453 Oa. 10.1 Оb. 4.6 Ос. 9.8 Od. 2.6
I need answer of this question solution general accounting
Calculating the CCC from the Financial Statement The following data are taken from the financial statement: Annual Sales ( on Credit ) 1,216,666 Cost of Goods Sold 1,013,889 Average Inventory 250,000 Average Accounts Receivable 300,000 Average Accounts Payable 150,000 COMPUTE FOR THE FOLLOWING and interpret your answer: 1. DIO stands for Days Inventory Outstanding 89.99999014 DIO= (Ave. Inventory/Cost of Goods Sold)*365 =(250,000/1,013,889)*365 =89.99 or 90 days It takes the company approximately 90 days to turn inventory into sales 2. DSO stands for Days Sales Outstanding 90.00004932 DSO=(Ave. Accts. Receivables/Total Credit Sales)*365 =(300,000/1,216,666)*365 =90 days #NAME? 3. DPO stands for Days Payable Outstanding 53.99999408 DPO=(Ave. Accts. Payables/Cost of Goods Sold)*365 =(150,000/1,013,889)*365 =53.99 or 54 days It takes the company approximately 54 days to pay its invoices 4.CASH CONVERSION CYCLE 126.0000454 CCC= DIO + DSO - DPO = 90+90-54 = 126 It takes the company…

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Given the following information for the year ended 12/31/X3: Sales Revenue Selling and Administrative Expense Sales Discounts Sales Returns and Allowance Cost of Goods Sold Interest Expense Determine the 20X3 gross margin. Balances DR/(CR) (2,10,000) 42,000 6,000 11,000 1,25,000 4,000