Granite Industries reported the following financial information: . Sales revenues = $250,000 Cost of goods sold = $190,000 . Operating expenses = $40,000 What is the gross profit? a. $20,000 b. $60,000 c. $80,000 d. $210,000

Granite Industries reported the following financial information: . Sales revenues = $250,000 Cost of goods sold = $190,000 . Operating expenses = $40,000 What is the gross profit? a. $20,000 b. $60,000 c. $80,000 d. $210,000

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: please answer and explanation this general accounting question

A: Step 1: Introduction to factory overheadsFactory overheads are defined as indirect costs that are…

Q: Accurate answer

A: Explanation of Assets: Assets are economic resources owned or controlled by a business that have…

Q: How many hours worked during the year?

A: Explanation of Manufacturing Overhead:Manufacturing overhead refers to all indirect costs incurred…

Q: General accounting

A: Step 1: Definition of Labor Efficiency (Quantity) VarianceThe labor efficiency variance measures the…

Q: kindly help me with this general accounting question

A: Step 1: Define Straight-Line DepreciationThe straight-line depreciation method spreads the cost of…

Q: Need correct answer general accounting

A: Step 1: Define High-Low MethodThe high-low method is used to separate mixed costs into fixed and…

Q: Hello tutor please provide correct answer general accounting question

A: Step 1: Define Equivalent Units for MaterialsEquivalent units represent the number of complete units…

Q: What is the dividend payout ratio for this financial accounting question?

A: Step 1: Define Dividend Payout RatioThe Dividend Payout Ratio is the percentage of a company's net…

Q: MCQ

A: Explanation of Static Planning Budget: A static planning budget is a financial plan developed for a…

Q: What is the income tax expense for 2022?

A: Explanation of Pretax Accounting Income: Pretax accounting income represents a company's profit…

Q: Variable cost per unit:85, selling price per unit: 140

A: Explanation of Fixed Costs: Fixed costs are expenses that remain constant regardless of production…

Q: Need help with this question please answer

A: The capital gains yield is calculated using the formula:Capital Gains Yield=Initial PriceEnding…

Q: Eckhart Corp. reports that at an activity level of 5,800 machine-hours in a month, its total…

A: Step 1: DefinitionsConcept of Variable CostsVariable costs are expenses that change in direct…

Q: What was cost of goods sold for the year?

A: Explanation of Cost of Goods Sold (COGS):Cost of Goods Sold (COGS) refers to the total cost of…

Q: Compute the contribution margin

A: Provided Data:Selling price per unit = $55.00Fixed costs = $280,000Variable costs per unit =…

Q: Suppose Chrysler Motors has 720 million shares outstanding with a share price of $68.25, and $30…

Q: The result Would be a higher pretex income of

A: Explanation of Absorption Costing:Absorption costing is a costing method in which both variable and…

Q: The amount of johns retained earning is

A: Explanation of Retained Earnings:Retained earnings represent the cumulative net income of a business…

Q: Feder man Company has sales of 4,500 units at $95 per unit. Variable costs are 40% of the sales…

A: Explanation of Degree of Operating Leverage (DOL):Degree of operating leverage measures the…

Q: General accounting question

A: Step 1: Definition of Mortgage Interest DeductionThe mortgage interest deduction allows taxpayers to…

Q: The appropriate adjusting journal entry to be made at the end of the period would be

A: Explanation of Adjusting Journal Entry:An adjusting journal entry is made at the end of an…

Q: Quick answer of this accounting questions

A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the direct costs…

Q: i need correct option

A: Step 1: Definition of LiabilitiesLiabilities represent the financial obligations a company owes to…

Q: 4 PTS

A: Explanation of Drawings:Drawings refer to the money or assets withdrawn by the owner(s) of a…

Q: hello tutor please help me

A: Step 1: Definition of High-Low MethodThe High-Low Method is a cost estimation technique used to…

Q: What is the total manufacturing overhead cost for March?

A: Explanation of Manufacturing Overhead:Manufacturing overhead consists of indirect costs incurred in…

Q: General Accounting

A: Find the attached image with step by step solution.

Q: What is the expected return on the stock of these financial accounting question?

A: Formula:Expected Return = Risk-Free Rate + Beta * (Market Return - Risk-Free Rate)Steps:Identify the…

Q: what is the projected unit sales?

A: Understanding the Question ProperlyThe question states:The company sold 12,000 units in December.The…

Q: Quick answer of this accounting questions

A: Step 1: Definition of Break-Even Sales with Target Operating IncomeThe number of units that must be…

Q: need correct answer general accountting

A: Step 1: Define Days' Sales in ReceivablesThe Days' Sales in Receivables measures the average number…

Q: I want the correct answer with accounting question

A: Step 1: Definition of Return on Investment (ROI)Return on Investment (ROI) measures the…

Q: Financial accounting

A: Step 1: Definition of Key Terms1. Net Income:Net income is the total profit a company earns after…

Q: need help this questions

A: Step 1: Definition of Gross MarginGross margin represents the difference between sales revenue and…

Q: Solve this Accounting problem

A: Calculation of Excess Interest RateExcess Rate = Actual interest rate - Cap rate…

Q: What is the profit margin

A: Given:Net Income = 250,000Sales = 7,500,000 Profit Margin = (Net Income / Sales) × 100Profit Margin…

Q: please need answer correct options

A: Step 1: Definition of Contribution MarginThe Contribution Margin (CM) is the amount remaining from…

Q: Provide answer

A: Explanation of Manufacturing Overhead: Manufacturing overhead encompasses all indirect costs…

Q: Factory overhead for November

A: Explanation of Total Budgeted Factory Overhead:Total budgeted factory overhead is the estimated cost…

Q: On January 1, 2020, Nexus Technologies purchased a machine for $15,000. The machine was estimated to…

A: Concept of Straight-Line DepreciationStraight-line depreciation is a method used to allocate an…

Q: hello tutor please help me

A: We are given:Dividend per share = $1.87Dividend payout ratio = 60%Price-to-Earnings (P/E) ratio =…

Q: The direct materials quantity variance is?

A: Explanation of Direct Materials Quantity Variance: Direct materials quantity variance measures the…

Q: can you help me with

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

Q: provide answer A B

A: Step 1: Definition of Direct Labor VariancesDirect Labor Variances measure the difference between…

Q: Zanzibar Limited entered into a lease agreement on July 1 2016 to lease somehighly customized…

A: Part A: Nature of the LeaseTo determine the nature of the lease, we need to evaluate whether this is…

Q: Don't use ai given answer accounting questions

A: Step 1: Definition of Return on Investment (ROI) using DuPont FormulaThe DuPont formula breaks down…

Q: none ??

A: Accounting Treatment of Meridian Manufacturing's Patent Meridian Manufacturing developed a new…

Q: Provide correct answer general accounting question

A: Step 1: Define Capacity SalesCapacity sales refer to the maximum level of sales a firm could have…

Q: Subject: financial accounting problem

A: Explanation of Interest Rate Cap:An interest rate cap is a financial derivative that limits the…

Q: Absorption costing?

A: Explanation of Absorption Costing:Absorption costing is an accounting method in which all…

Question

What is the gross profit?

Granite Industries reported the following financial information:
. Sales revenues = $250,000
Cost of goods sold = $190,000
. Operating expenses = $40,000
What is the gross profit?
a. $20,000
b. $60,000
c. $80,000
d. $210,000

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

Suppose Austin Sound had sales of $300,000 and sales returns of $45,000. Cost of goods sold was $152,000. How much gross profit did Austin Sound report? a. $148,000 b. $103,000 c. $255,000 d. $88,000
Subject:- General Account
What is Preston industries Inc's gross profit?
United importers report net income $50,000 and COGS of $300,000. If the company’s gross profit rate was 40%, net sales werea. $500,000b. $750,000c. $83,000d. $550,000
How much gross profit did Austin sound report?
Calculate the OPM
Pollux Company had the following income statement for last year Sales-$360,000 Less: Cost of goods sold-$195,000 Gross margin-$165,000 Less: Selling & administration expense-$78,600 Operating income- $86,400 Beginning assets were $565,000 and ending assets were $597, 000. Carry computations out to three decimals places A. What are average operating assets? B. what is margin? C. what is turnover? D. What is ROI?
What is the gross profit margin
Compute net sales
What is Preston industries Inc's gross profit? General accounting
Calculate the gross profit margin?
Assume Martinez Company has the following reported amounts: Sales revenue $ 610,000, Sales returns and allowances $ 30,000, Cost of goods sold $ 396,500, and Operating expenses $ 84,000. (a) Compute net sales. Net sales (b) Compute gross profit. Gross profit (c) Compute income from operations. Income from operations (d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.) Gross profit rate %24