Given the information below, what is the gross profit? Sales revenue $305,000 Accounts receivable 53,000 Ending inventory 119,000 Cost of goods sold 238,000 Sales returns 21,000 a. $49,000 b. $165,000 c. $67,000 d. $46,000

Given the information below, what is the gross profit? Sales revenue $305,000 Accounts receivable 53,000 Ending inventory 119,000 Cost of goods sold 238,000 Sales returns 21,000 a. $49,000 b. $165,000 c. $67,000 d. $46,000

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...

See similar textbooks

Related questions

Q: Contribution margin and contribution margin per unit?

A: Explanation of Contribution Margin:The contribution margin represents the portion of sales revenue…

Q: The Manana Corporation had annual sales of $60 million that occurred evenly throughout the 365 days…

A: Step 1: Formula Days sales outstanding = Average accounts receivable/Sales x 365 days Step 2:…

Q: Ans please

A: Step 1: Definition of Operating Cash Flow (OCF)Operating Cash Flow (OCF) represents the cash…

Q: What is the company's stockholders equity? General accounting

A: Step 1: Definition of Debt to Equity RatioThe Debt to Equity Ratio (D/E) measures the proportion of…

Q: Get correct answer accounting questions

A: Step 1: Definition of Interest on a Note ReceivableInterest on a note receivable refers to the…

Q: General accounting

A: simple bro as we know Profit margin = Net income / Sales Now we need to find Sales = Assets * Total…

Q: Quick answer of this accounting questions

A: Step 1: Definition of Direct Labor Time VarianceThe direct labor time variance (or direct labor…

Q: Need help with this financial accounting question

Q: The division's margin is closest to

A: Margin: A profitability ratio that measures the percentage of net operating income earned for every…

Q: Subject: general Accounting

A: The credit union purchases an interest rate cap with:Cap rate = 4.75%Notional principal =…

Q: Income using variable costing?

A: Calculation of the Inventory IncreaseInventory Increase = Ending Inventory - Beginning Inventory…

Q: 1: Julia Jacobsen files as single on her tax return and earned weekly gross pay of $500. For each…

A: Approach to solving the question: Let's calculate the Federal Income Tax Withholding for each person…

Q: Can you help me with accounting questions

A: Step 1: Given Value for Calculation Risk Free rate = rf = 3.2%Market Risk Premium = mrp = 7.8%Beta =…

Q: Need answer

A: The Days Sales Outstanding (DSO) is calculated using the formula:DSO=Accounts Receivable/Average…

Q: Please give me correct answer this financial accounting question

A: Step 1: Definition of Par ValueThe par value of a stock is the nominal or face value assigned to…

Q: Sub. General accounting

A: Step 1: Definition of Material Price VarianceMaterial price variance is the difference between the…

Q: Listed below are terms associated with the steps of the accounting processing cycle. Pair each item…

A: Source documents serve as the original records of business transactions, such as invoices, receipts,…

Q: Give me this question answer

A: Step 1: Definition of Absorption CostingAbsorption costing allocates fixed manufacturing overhead…

Q: The amount and nature of the gain/loss from the sale

A: Step 1: Determine the Adjusted Basis (Book Value)Step 2: Determine the Sale PriceStep 3: Calculate…

Q: Hello teacher please give me solution

A: Step 1: Definition of Total EquityTotal equity represents the residual interest in a company's…

Q: What is the capital gain on this investment for this financial accounting question?

A: Step 1: Define Definition of Capital GainCapital gain refers to the profit earned from the sale of…

Q: Hi expert please help me

A: Given Data:Sales = $817,000Costs = $343,000Depreciation Expense = $51,000Interest Expense =…

Q: Given correct answer general Accounting

A: Step 1: Define Profit MarginProfit margin is a financial metric that measures the percentage of…

Q: Don't use ai given answer accounting questions

A: Step 1: Definition of Premium Redemptions LiabilityPremium redemptions liability refers to the…

Q: Determine the value of the companys inventory

A: Explanation of Lower-of-Cost-or-Market (LCM) Approach:The Lower-of-Cost-or-Market (LCM) approach is…

Q: We can state the accounting equation for a corporation as:

A: Correct option:Option C) A - L - SE = 0If we simplify this equation, then it will become A = L + SE…

Q: If beginning inventory is $75,000, cost of goods purchased is $420,000, and ending inventory is…

A: Explanation of Cost of Goods Sold (COGS): Cost of goods sold represents the direct cost of all…

Q: Provide correct answer general accounting question

A: To calculate the interest on a note receivable, you can use the formula:Interest= Principal ×Rate×…

Q: choose best answer

A: Step 1: Definition of High-Low MethodThe high-low method is a technique used in cost accounting to…

Q: general accounting

A: Step 1: Definition of Price-Earnings (P/E) RatioThe price-earnings (P/E) ratio measures a company's…

Q: What is its profit margin?

A: To determine Hugh Snore Bedding, Inc.'s profit margin (return on sales), we used the fundamental…

Q: What would be the total amount of receivable related to this loan

A: Explanation of Principal Amount:The principal amount is the initial sum of money that is loaned or…

Q: Correct option ? ?

A: Calculation of Gross ProfitGross Profit = Sales Price - Purchase Price = $800 -…

Q: The company would record the cost of the equipment at?

A: The Cost of Equipment includes all costs necessary to get the asset ready for use. These costs…

Q: Opereting cash flow if the tax rate in 34 percent? Provide answer

A: To calculate the operating cash flow (OCF) for The Pretzel Factory, we need to follow these steps:1.…

Q: financial accounting

A: Step 1: Definition of Price-Earnings (P/E) RatioThe Price-Earnings (P/E) ratio is a financial metric…

Q: Please help me

A: Step 1: Definition of Manufacturing OverheadManufacturing overhead consists of indirect costs…

Q: Financial Accounting Question please answer

A: Solution: Valuing Carter Financial Group's Preferred Stock To determine the value of Carter…

Q: Subject: financial accounting question

A: Step 1: Define Cost of Common StockThe cost of common stock is the return that investors expect for…

Q: The equivalent units of production are?

A: Explanation of Weighted-Average Method: The weighted-average method is a process costing technique…

Q: What is the ending inventory?

A: Explanation of Purchases: Purchases represent the total amount of inventory or goods a company buys…

Q: Need ans general Accounting

A: Step 1: Define Public DebtPublic Debt refers to the total amount of money that a government owes due…

Q: What is the presidetermined overhead rate it should use during the year ?

A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate (POHR) is an…

Q: Hii ticher please given true answer general Accounting

A: Step 1: Define Net Income or Net LossNet income is earned when total revenues (credits) exceed total…

Q: Sub: general Accounting

A: Step 1: Define Payback PeriodThe payback period measures the time required for an investment to…

Q: What is the total direct materials cost variance?

A: Explanation of Standard Quantity: Standard quantity represents the predetermined amount of materials…

Q: Owners equity at the end of the year was

A: Step 1: Definition of Owners' EquityOwners' equity represents the residual interest in the assets of…

Q: MCQ

A: Explanation of Sales Revenue: Sales revenue represents the total amount of money generated from…

Q: If you give me wrong answer this financial accounting question I will give you unhelpful rate

A: Step 1: Understanding the Given Information:Purchase date: August 1, 2022Total cost:…

Q: Need help this question

A: Let's solve each case step by step using the simple interest formula:I=P×R×T I = Interest EarnedP =…

Question

Provide correct answer please general accounting

Given the information below, what is the gross profit?
Sales revenue
$305,000
Accounts receivable 53,000
Ending inventory
119,000
Cost of goods sold
238,000
Sales returns
21,000
a. $49,000
b. $165,000
c. $67,000
d. $46,000

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
Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%
Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Given the information below, what is the gross profit? Sales revenue Accounts receivable Ending inventory Cost of goods sold Sales returns Multiple Choice $76,000 $197,000 $79,000 $106,000 $ 345,000 60,000 118,000 239,000 30,000
gross profit is??
Given the information below, what is the gross profit on these general accounting question?
Use table information to get answer
am.303.
What is the gross profit of this general accounting question?
Determining Gross Profit During the current year, merchandise is sold for $11,750,000. The cost of the goods sold is $7,050,000. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number. % c. When will the income statement report net income?
Use the following information: 180,000 Net sales 124,000 Cost of goods sold Beginning inventory 41,000 Ending inventory 31,000 Calculate the gross profit ratio. (Round your answer to 2 decimal places.) $
What is Gross Profit?