Given the following information for the year ended 12/31/X4: 12/31/X4 Balances DR/(CR) Sales Revenues ($180,000) Selling and Administrative Expense 35,000 Sales Discounts 4,000 Sales Returns and Allowances 8,000 Cost of Goods Sold 98,000 Interest Expense 3,000 Determine the 20X4 gross margin. a. $45,000 b. $70,000 c. $82,000 d. $78,000

Given the following information for the year ended 12/31/X4: 12/31/X4 Balances DR/(CR) Sales Revenues ($180,000) Selling and Administrative Expense 35,000 Sales Discounts 4,000 Sales Returns and Allowances 8,000 Cost of Goods Sold 98,000 Interest Expense 3,000 Determine the 20X4 gross margin. a. $45,000 b. $70,000 c. $82,000 d. $78,000

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...

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A company shows the following balances: Sales Revenue $ 10,00,000 Sales Returns and Allowances Sales Discounts Cost of Goods Sold 1,75,000 25,000 6,00,000 What is the gross profit rate? a. 60% b. 75% c. 40% d. 25%
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Income Statement For the Year Ending December 31, 20X1Sales (on credit)$ 2,106,000Cost of goods sold1,371,000Gross profit$ 735,000Selling and administrative expenses561,000*Note asteriskOperating profit (EBIT)S 174,000Interest expense33,900Earnings before taxes (EBT)S 140,100Taxes83,300Earnings after taxes (EAT)S 56,800*Selling and administrative expenses Note asteriskIncludes $42,700 in lease payments. Using the above financial statements for the Jackson Corporation, calculate the following ratios. Profitability ratios. Note: Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.