Gross Profit During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost of the merchandise sold is $1,014,300. What is the amount of the gross profit?

Q: During the current year, merchandise is sold for $366, 100 cash and $1,420,000 on account. The cost…

A: Gross Profit is defined as the profit which the company makes after subtracting the costs linked…

Q: The cost of goods sold for a company for the year was $1,900,000.  Merchandise inventory at the…

A: Merchandise inventory turnover ratio is calculated by dividing the cost of goods sold by the average…

Q: During the current year, merchandise is sold for $53,640 cash and for $82,660 on account. The cost…

A: Gross profit represent the excess amount of revenue over the cost of merchandise sold.

Q: If sales are $250,000, merchandise purchases are $126,500, and the balance of the merchandise…

A: Cost of goods sold is the actual cost of goods that is being sold to the customers. It is calculated…

Q: During the current year, merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of…

A: Gross margin (gross profit):Gross margin is the amount of revenue earned from goods sold over the…

Q: During the current year, Carter Company reported $500,000 in sales, and purchased merchandise that…

A: Gross profit ratio is calculated by dividing gross profit by sales revenue. Gross profit is the…

Q: Cost of merchandise sold reported on the income statement was $179,230. The accounts payable balance…

A: The cost of goods sold by a wholesaler or retailer is referred to as the cost of merchandise sold.…

Q: During the current year, merchandise is sold for $300,000 cash and for $625,000 on account. The cost…

A: The gross profit is calculated by deducting the cost of goods sold from the sales revenues (Cash +…

Q: The total cost of goods sold was recorded as $65,900 on the income statement. The inventory account…

A: A company’s closing inventory represents the remaining number of goods after sales. It is calculated…

Q: During the current year, merchandise is sold for $148,300 cash and $657,300 on account. The cost of…

A: Gross profit is the amount a company earns from its sales after subtracting the direct cost of…

Q: During the current year, merchandise is sold for $591,000. The cost of the goods sold is $366,420.…

A: Gross profit percentage is calculated by dividing gross profit by sales. Gross profit is the…

Q: Kingbird, Inc. had net credit sales of $9023000 and cost of goods sold of $5449000 for the year. The…

A: Average days in inventory depict the number of days for which a company holds its inventories before…

Q: During the current year, merchandise is sold for $206,200 cash and $430,300 on account. The cost of…

A: The Gross Profit is figured by deducting the Cost of goods sold (COGS) from Total Sales. It is also…

Q: During the current year, merchandise is sold for $59,180 cash and for $86,380 on account. The cost…

A: Gross Profit is Sales minus Cost of Goods Sold

Q: During the current year, merchandise is sold for $48000 cash and for $336000 on account. The cost of…

A: Gross profit is the amount of profit earned by the entity after deducting the cost of goods sold…

Q: For the fiscal year, sales were $7310000, sales discounts were $120000, sales returns and allowances…

A: GROSS PROFIT : = SALES - SALES DISCOUNT - SALES RETURNS AND ALLOWANCES  - COST OF GOODS SOLD

Q: During the current year, merchandise is sold for $56,600 cash and for $87,400 on account. The cost…

A: Gross profit: Difference between the sales and the cost of goods sold is called gross profit. Gross…

Q: During the current year, merchandise is sold for $54,400 cash and for $81,400 on account. The cost…

A: The difference between the net sales and cost of goods is called Gross profit. Total sales are…

Q: During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: During the current year, merchandise is sold for $56,800 cash and for $85,600 on account. The cost…

A: Gross profit is the difference between sales revenue and cost of goods sold. The cost of goods sold…

Q: Cost of goods sold reported on the income statement was $153,920. The accounts payable balance…

A: payment to creditor=Purchase-increase in payable

Q: Determining Gross Profit During the current year, merchandise is sold for $655,000. The cost of the…

A: The following formulas used as follows under:- 1)Gross Profit =Total Sales - Cost of Goods Sold…

Q: Cost of merchandise sold reported on the income statement was $403,600. The accounts payable balance…

A: Total Purchase of inventory = Cost of merchandise sold + Increase in inventory = $403,600 + $62,700…

Q: Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within…

A: Net sales = Sales - Discount Gross profit = Net sales - Cost of goods sold

Q: During the current year, merchandise is sold for $21,100 cash and $341,700 on account. The cost of…

A: Gross profit is calculated by deducting the cost of sales from the total sales value. The gross…

Q: During the current year, merchandise is sold for $104,100 cash and $545,000 on account. The cost of…

A: Gross profit is the profit a business makes after subtracting all the costs that are related to…

Q: The cost of merchandise sold by Kohl's Corporation for a recent year was $12,265 million. The…

A: We must determine the change in the inventory balance in order to determine the cash paid: = $4,038…

Q: Gross Profit During the current year, merchandise is sold for $140,400 cash and $588,600 on…

A: The cash or profit that is still available after production costs are deducted from sales is known…

Q: Gross Profit During the current year, merchandise is sold for $366,100 cash and $1,420,000 on…

A: Given information: Cash sales is amounted to $366,100 Sales on account (credit) is $1,420,000 Cost…

Q: During the current year, merchandise is sold for $43000 cash and for $307000 on account. The cost of…

A: