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: how much is the gross profit margin

A: Step 1: Definition of Gross Profit MarginGross profit margin is a profitability ratio that shows the…

Q: Maize company incurs a cost solve this accounting questions

A: Step 1: Define Net IncomeIn accounting, the net income of a business refers to the total income a…

Q: Do fast answer of this accounting questions

A: Step 1: Define Consolidated net incomeConsolidated net income is the result of adding the parent…

Q: Please solve this general accounting issue

A: To calculate the total manufacturing costs incurred during the fiscal year 2023, we use the…

Q: What is the gross profit ratio on these general accounting question?

A: Step 1:Gross profit ratio is calculated to show the relationship between the revenue from operations…

Q: The mullen company activity for the first solve this accounting questions

A: Step 1: Define High Low MethodHigh low Methods can be used to segregate fixed cost and variable…

Q: Owner3 equity for our company solve this accounting questions

A: To calculate the total assets, use the accounting equation: Assets = Liabilities + Owner's Equity…

Q: Vista corporation had originally expected solve this accounting questions

A: Step 1: Definition of Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL)…

Q: Financial Accounting Question answer step by step calculation and correct

A: Step 1: Information provided Work in Process on January 1, 2018 (Beginning WIP) = $138,000Ending WIP…

Q: What is the dividend yield of... Please answer the financial accounting question

A: Dividend Yield CalculationWe are tasked to calculate the dividend yield of a stock that:Just paid a…

Q: Answer me this financial accounting question

A: Explanation of Standard Direct Labor Cost:Standard direct labor cost refers to the expected cost of…

Q: I don't need ai answer accounting questions

A: Step 1: Definition of Percentage IncreasePercentage increase measures how much a value has grown in…

Q: Hi expert provide correct answer general accounting

A: Step 1: Define Manufacturing OverheadManufacturing overhead can be defined as the accumulated value…

Q: Subject:- General Account

A: Understanding the QuestionDirect Costing:Under direct costing, only variable costs of manufacturing…

Q: Provide correct solution for this general accounting question

A: To determine the ending inventory at the lower of cost or net realizable value (NRV), we compare the…

Q: Tina Company uses the following formula for annual overhead: $360,000 + $1.20 for each machine hour…

A: Step 1: Calculate Total Machine Hours• Total Machine Hours = Units to be Produced × Machine Hours…

Q: Give me correct answer the general accounting question

A: Hello student! Absorption Costing method considers both fixed and variable manufacturing costs as…

Q: General Accounting Problem solve

A: To estimate the price of Google stock using the method of comparables, we calculate the P/E ratio…

Q: Subject is cost account

A: Hello student! To calculate the value of the stock, we can apply the Dividend Discount Model (DDM).…

Q: Lakeview corporation reported an inventory of $75,000 at the beginning of 2022.

A: Step 1: Define Cost of Goods Sold (COGS) and Gross MarginCost of Goods Sold (COGS): Represents the…

Q: You borrow $700 and promise to pay back $749 at the end of 1 year. Find interest rates earned.

A: The question requires the determination of the interest rate. An interest rate refers to the amount…

Q: General Accounting

A: Step 1: Define Interest Rates and Future ValueThere is a direct correlation between the interest…

Q: Pierce Corp., an accrual-basis, calendar-year C Corporation, had the following 2009 receipts: - 2010…

A: To determine the amount of gross income Pierce Corp. should report on its 2009 tax return, let's…

Q: General Accounting Question provide solution

A: Step 1: Define Accrual accountingBecause it compares income to the costs required to obtain it,…

Q: Subject = Financial Account

A: Step 1: FormulaThe cost per equivalent unit is: Cost per Equivalent Unit (Conversion…

Q: How does relational depth affect transaction analysis? a) Interconnected business relationships…

A: Explanation of Relational Depth:Relational depth refers to the complexity and interconnectedness of…

Q: Jackson trading uses a periodic inventory solve this accounting questions

A: Step 1:Identify the valuesStep 2:Substitute into the formulaStep 3:Perform the calculations

Q: General Accounting

A: The average rate of return that a business is anticipated to provide to its investors—both debt and…

Q: Stanley manufacturing uses process costing solve this accounting questions

A: To calculate the equivalent units for direct materials using the weighted average method, we need to…

Q: I need answer of this accounting questions

A: To calculate Gross Profit and Operating Income under absorption costing, follow these steps: 1.…

Q: I want a proper analysis of Mauritian Revenue Laws regarding Tax Avoidance and Tax Evasion.

A: Approach to solving the question:Step 1: Find out what the laws are in Mauritius that cover tax…

Q: Subject:- General Account

A: ItemQuantity (A)Unit cost (B)Total cost (A*B)=DUnit market value (C )Total market (E = A * C)LCM…

Q: None

A: Step 1: Define ExpensesExpense accounts are considered as temporary accounts. Meaning, these are…

Q: K&I Corp. has current liabilities of $445,000, a quick ratio of 0.82, an inventory turnover of 5.8,…

A: Explanation of Current Liabilities:Current liabilities are short-term obligations a company must…

Q: ?

A: Explanation of Stakeholder Diversity:Stakeholder diversity refers to the variety of individuals or…

Q: Financial Accounting

A: Step 1: Define Capital GainCapital gain is a monetary idea characterized as the benefit earned on…

Q: Solve this Accounting question

A: Step 1: Define Cost of Goods ManufacturedManufacturing companies calculate their cost of goods…

Q: Please need help with this general accounting question

A: Step 1: Define Manufacturing Overhead RateThe manufacturing overhead rate is a predetermined rate…

Q: Delta manufacturing has the following information solve this general accounting question

A: Step 1: Definition of Cash Conversion CycleThe cash conversion cycle (CCC) measures the time it…

Q: If cleveland motors had an ebit solve this accounting questions

A: Step 1: Define Net IncomeThe net income of a firm is the remainder of annual revenue after all…

Q: Hii expert please provide correct answer general Accounting

A: To determine the status of manufacturing overhead at year-end, we need to calculate the applied…

Q: The beginning inventory must have been__.

A: To calculate the beginning inventory, we can use the cost of goods sold (COGS) formula: COGS =…

Q: Please provide correct answer general Accounting

A: Step 1: Define The Balance SheetThe Balance Sheet is one of the four primary financial statements…

Q: What is Charlotte's taxable gain on the sale for this general accounting question?

A: Step 1: Define Taxable Gain on Sale of Principal ResidenceTaxable gain on the sale of a principal…

Q: Please provide answer accounting questions

A: Step 1: Define Using the High-Low MethodOne of the first steps in most analyses in cost accounting…

Q: Choose the right

A: Explanation of Satisfaction-Guaranteed Refund Policies: These are customer-friendly policies that…

Q: General Accounting

A: The calculation of the Reserve Ratio is as follows: Reserve Ratio = (Reserve Maintained / Bank…

Q: Waiting for answer. Help me

A: Approach to solving the question: (a) units need(b) Active size(c) a x bper month ( c x…

Q: Alpha company has provided projected solve this question

A: Step 1: Define Gross ProfitGross profit can be said as a part of the revenue available to the…

Q: Accounting

A: To solve the problem, we calculate the bond's value today (one year to maturity) and compare it to…

Question

Given the information below, what is the gross profit on these general accounting question?

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
Use the following information: Net sales Cost of goods sold $235,000 168,000 52,000 42,000 Beginning inventory Ending inventory a. Calculate the inventory turnover ratio. b. Calculate the average days in inventory. c. Calculate the gross profit ratio.
Use table information to get answer
am.303.
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?
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?
If beginning inventory is $40,000, purchases are $215,000, and ending inventory is $35,000, what is cost of goods sold as determined by the cost of goods sold model? a.$140,000 b.$210,000 c.$220,000 d.$290,000