Given the information in the table below, what is the company's gross profit? Item Amount Sales revenue $850,000 Cost of goods sold $520,000 Operating expenses $95,000 Beginning inventory $180,000 Sales returns $35,000 Sales discounts $25,000 Accounts receivable $110,000 a. $270,000 b. $330,000 c. $365,000 d. $230,000

Given the information in the table below, what is the company's gross profit? Item Amount Sales revenue $850,000 Cost of goods sold $520,000 Operating expenses $95,000 Beginning inventory $180,000 Sales returns $35,000 Sales discounts $25,000 Accounts receivable $110,000 a. $270,000 b. $330,000 c. $365,000 d. $230,000

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

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
Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?
What is the gross profit?
Given the information below, what is the gross profit on these general accounting question?
What is the correct answer with general accounting
financial account
Answer? ? General Accounting question
A company shows the following balances: Sales Revenue Cost of Goods Sold Sales Returns and Allowances Sales Discounts Operating Expenses What is the gross profit? $230,000 $440,000 $240,000 O $140,000 $1,000,000 $560,000 $180,000 $20,000 $100,000
Accurate answer
What is the gross profit?
Grendel Inc. Gross profit??