Given the following information for the year ended 12/31/X3:Sales RevenuesSelling and Administrative ExpenseSales DiscountsSales Returns and AllowancesCost of Goods SoldInterest ExpenseDetermine the 20X3 gross margin.a. $22,000b. $26,000c. $39,000d. $68,000e. none of these12/31/X3 Balances DR/(CR)($2,10,000)42,0006,00011,0001,25,0004,000

To calculate the gross margin, we use the formula: Gross Margin = Sales Revenues - Sales Discounts -…

Answered: Given the following information for the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

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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?
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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%
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Perform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown below. (Round to nearest tenth.) Revenue Gross Sales Less: Sales Returns and Allowances $182,000 ??? 11,900 170,100 Net Sales Cost of Goods Sold Merchandise Inventory, Jan. 1 70,150 Net Purchases 58,300 Goods Available for Sale 128,450 Less: Merchandise Inventory, Dec. 31 85,000 Cost of Goods Sold 43,450 Gross Margin 126,650
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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 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
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Determining Gross Profit During the current year, merchandise is sold for $821,000. The cost of merchandise sold sold is $599,330. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number.% c. When will the income statement necessarily report a net income?
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

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