How do you calculate the gross profit of a company? The information is sales 600,000, cost of goods 45,000, the outcome of gross profit is 150,000. Also, the sales are 600,000, cost of goods sold 150,000.

How do you calculate the gross profit of a company? The information is sales 600,000, cost of goods 45,000, the outcome of gross profit is 150,000. Also, the sales are 600,000, cost of goods sold 150,000.

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: A purchase commitment represents a What? 1) A firm order to buy 2) A contingent asset 3) A sale on…

A: **Explanation:** A **purchase commitment** is a contractual agreement where a company makes a…

Q: Prime Construction completed a job that used materials costing $25,000 and labor $35,000. If they…

A: The question requires the determination of the selling price with a desired profit margin.The…

Q: I don't need ai answer accounting questions

A: Step 1: Allocate overhead Basis: Direct labor cost Applied overhead = Actual direct labor cost x…

Q: Correct answer

A: Step 1:To solve this, we use the Economic Order Quantity (EOQ) model to determine the order cycle in…

Q: Quick answer of this accounting questions

A: The total Direct Materials Cost Variance is calculated as the difference between the Actual Cost of…

Q: None

A: The question requires the determination of the accrued interest. accrued interest refers to the…

Q: Tag. General Account

A: Step 1: Given Value for Calculation Expected Return = r = 14.70%Variance = v = 0.3600 Step 2:…

Q: Given answer accounting questions

A: Step 1: Understand the Data ProvidedGreen Thumb Landscaping has provided its most recent monthly…

Q: What's the solution

A: Concept of Job Order CostingJob order costing is a costing system used to track and allocate costs…

Q: Need answer the financial accounting question

A: Step 1: Define Holding Period Return (HPR)The holding period return (HPR) is the total return earned…

Q: None

A: To compute the net income for the year, we use the following formula: Net Income = Increase in…

Q: What is the gross profit margin?? General accounting

A: The gross profit margin is calculated using the formula: Gross Profit Margin = (Gross Profit /…

Q: What is the estimated variable order filling cost component per order??

A: Step 1: We can compute the estimated variable order filling cost component per order with the high…

Q: None.

A: the interest on the loan:The annual interest rate is 8%.The term of the loan is 9 months, or 3/4 of…

Q: Give me true answer this financial accounting

A: Step 1: Define Total Dollar ReturnThe total dollar return refers to the overall financial gain from…

Q: Subject - general account - During the current year, merchandise is sold for $40,000 cash and…

A: Step 1: Understand the Gross Profit FormulaGross profit is calculated as: Gross Profit=Net…

Q: I want to correct answer accounting question

A: Step 1: Definition of Budgeted Ending InventoryThe budgeted ending inventory represents the desired…

Q: Do fast answer of this accounting questions

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

Q: Accounting problem 4.9

A: Concept of Economic Order Quantity (EOQ)Economic Order Quantity (EOQ) is a formula used in inventory…

Q: Gross profit for genera account.??

A: Step 1: Understanding Gross ProfitGross profit is the difference between the revenue generated from…

Q: Face amount of this note? General accounting

A: To calculate the accrued interest on the U.S. Treasury note, we use the following formula: Accrued…

Q: Calculate variable factory overhead

A: Explanation of Variable Factory Overhead Controllable Variance:The Variable Factory Overhead…

Q: I want to correct answer general accounting question

A: Explanation for a: Standard direct labor rate per hour will be calculated as = Base hourly wage +…

Q: ??

A: Explanation of DuPont Equation: The DuPont equation is a powerful financial analysis tool that…

Q: Accurate question

A: Step 1:In Accounting when the size of business is small and transactions are less in numbers then…

Q: Quick answer of this accounting problem

A: Explanation of Work in Process (WIP): Work in Process represents units that are partially completed…

Q: General accounting

A: This is a tax-related question dealing with the recognition of gains when two corporations exchange…

Q: Answer?

A: Why the Correct Answer is (B) Included in Goodwill CalculationThe control premium is included in the…

Q: How much is the direct labor cost for this general accounting question?

A: Step 1: Define Direct Labor CostDirect labor cost refers to the wages paid to employees who are…

Q: Ans?? Financial accounting question

A: Step 1: Define Variable CostVariable costs are expenses that alter as a company's product or service…

Q: At Accustart, the standard quantity of labor is 25 hours per refrigeration unit. The standard wage…

A: Explanation of Labor Rate Variance:Labor rate variance is the difference between the actual wage…

Q: General accounting

A: a. Value of Shareholders' EquityThe formula to calculate the value of shareholders' equity is:…

Q: general account

A: To determine the total actual costs incurred, we adjust the standard costs by accounting for the…

Q: General Accounting

A: Step 1:The differential cost is the additional cost incurred by the company by making the product…

Q: please solve this question general accounting

A: To calculate the initial investment outlay for the expansion project, we need to consider both the…

Q: General accounting

A: Step 1: Define Accounting EquationAn accounting equation is made of the three accounting elements…

Q: Get correct answer general accounting question

A: Given:Beginning Total Assets = $600,000Ending Total Assets = $750,000Return on Assets (ROA) = 18%…

Q: I need a Expert NOT AI Sandra Robinson Company issued $588,000 of 9%, 20-year bonds on January 1,…

A: Step 1: Bond is a instrument that evidences a company's debt. It is the document issued against…

Q: Discuss the accounting treatment for business combinations.

A: Business Combination: A transaction or event in which one company obtains control over one or more…

Q: Financial accounting question

A: Step 1: Definition:Predetermined Overhead Rate: The rate used to apply manufacturing overhead to…

Q: General Account

A: The correct answer is:A) Increase assets and increase stockholders' equity Explanation:Net income…

Q: Explain the concept of consolidation in financial reporting. When is a company required to…

A: Concept of Consolidation in Financial Reporting:Consolidation in financial reporting is the process…

Q: Quick answer of this accounting questions

A: Step 1: Calculate allocated manufacturing overhead1. Direct Labor Cost: $32,8002. Manufacturing…

Q: #GENERAL ACCOUNT

A: Analysis of the Variance:The variance here relates to the quantity of raw materials purchased…

Q: Not use ai solution given correct answer general Accounting question

A: Step 1: DefinitionOverhead allocation is a method used to assign a portion of total overhead…

Q: Do fast answer of this accounting questions

A: Step 1: Definition of Gross Margin PercentageGross Margin Percentage represents the proportion of…

Q: Information about the cost of a product is given below. Direct materials = $1,000 Direct labor =…

A: To calculate the cost of the manufactured product, we include only manufacturing costs, which…

Q: Expert need your help

A: Concept of Period CostsPeriod costs are expenses that are not directly tied to the manufacturing or…

Q: You believe the expected return on ABC is 16.20%, and that the variance of ABC's returns is 0.6400.…

A: Understanding the Coefficient of Variation (CV)The coefficient of variation (CV) is a statistical…

Q: Financial Accounting MCQ

A: Concept of Control PremiumThe control premium refers to the additional amount an acquiring company…

Question

General accounting

How do you calculate the gross profit of a
company? The information is sales 600,000, cost
of goods 45,000, the outcome of gross profit is
150,000. Also, the sales are 600,000, cost of
goods sold 150,000.

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

If cost of goods sold is $520,000 and the gross profit rate is 20%, what is the gross profit? Select one: a. $2,600,000. b. $130,000. c. $ 520,000. d. $416,000.
What is the gross profit on these general accounting question?
Gross profit?
If the net operating income is $10,000, the gross margin is $40,000, and the cost of goods sold is $49,500, then the sales must be: Multiple Choice $99,500. $129,000. $89,500. $139,000.
If Net Sales is $10,500, Cost of Goods Sold is $5,400, Gross Profit is $5,100 and Operating Expenses are $1,800, what is the Net Income from Operations?
1. Given this information, what is the profit percent? Format your answer to two decimal places and add a %-sign (i.e. 4.52%) Net Sales $561,800 Cost of Goods Sold 275,280 Expenses 253,936 2. Given this information, what is the profit dollars? Round your answer to the dollar and add a dollar sign and comma separator (i.e. $15,467) Net Sales $561,800 Cost of Goods Sold 275,280 Expenses 253,936 3. Given the information below, what is the profit dollars? Round your answer to the dollar and add a dollar sign and comma separator (i.e. $15,467) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140 4. Given the information below, what is the profit percent? Round your answer to two decimal places and add a percent sign (i.e. 15.37%) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140 5. Given the information below, what are…
Suppose Austin Sound had sales of $450,000 and sales returns of $55,000. Cost of goods sold was $176,000. How much gross profit did Austin Sound report?
Use the following information: total sales: $100,000, rent revenue: $1000, other revenue: $3000, selling expenses: $40000, operating expenses: $50000, cost of goods sold: $10000, interest expenses: $2000, and tax rate: 20%. Prepare a single-income statement.
If gross sales is P40,000, sales returns and allowances P1,000, sales discounts P400, and delivery expenses P100, the net sales of the business will total
salamagundi, inc. has the following income statement: For the year ended December 31, 2021 net sales: $160 Cost of goods sold: $100 gross profit: $60 Operating expenses: $40 Net income: $20 Using vertical analysis, what percentage is assigned to operating expenses? a. 25% b. 40% c. 66.7% d. 200%
During the current year, merchandise is sold for $970,000. The cost of the merchandise sold is $630,500. a) What is the amount of the gross profit? (b) compute the gross profit percentage. (c) when will thr income statement necessarily report a net income?
Please help me with my assignment. Thank you