Answered: How to calculate the gross profit based…

How to calculate the gross profit based on data given below? Sales $764000 Selling Expenses 52500 Cost of Merchandise Sold 538000 Sales Discounts 7100 Sales Return and Allowances 3650

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2MC: When 25 of merchandise is returned for a credit on account, what is the amount of the credit to...

See similar textbooks

Related questions

Q: The control premium in business combinations is (A) Expensed immediately ? (B) Included in goodwill…

A: Explanation: In a business combination, the **control premium** is the additional amount paid by…

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: The Aakash Company forecasts that total overhead for the current year will be $17,000,000 and total…

A: To calculate the predetermined overhead rate, we use the formula: Predetermined Overhead Rate =…

Q: Provide correct answer financial accounting question

A: Step 1: Long term GainIf you are holding a capital asset and its price has been increased then you…

Q: Compute the proceeds of the note on these financial accounting question

A: Step 1: Interest Assuming 360 days in a year Interest = Principal x Rate x TimeInterest = $6,000 x…

Q: Perfect Paint mixes ingredients A ($30/liter), B ($20/liter), and C ($25/liter) in the ratio 3:2:1…

A: Step 1: Determine the ratio The mixture's ratio of ingredients is 3:2:1, meaning 3 parts of A, 2…

Q: Baltimore Manufacturing Company just completed its year ended on December 31, 2018. Depreciation for…

A: Step 1: Understand the ProblemThe total depreciation for the year is $130,000, which is allocated as…

Q: Explain the concept

A: Consolidation in financial reporting means combining the financial statements of a parent company…

Q: Accounting Question 4.7 (7 marks)

A: Explanation of Gross Profit Rate:Gross profit rate is the percentage of sales revenue that remains…

Q: Best Electronics offers trade discounts of 30%, 20%, and 10% in sequence. If the list price of an…

A: We have to calculate the final price after three successive discounts of 30%, 20%, and 10% of an…

Q: The stockholders equity at the end of the year?

A: To calculate stockholders' equity at the end of the year, we use the following formula:…

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: What are liabilities on the balance sheet??

A: Step 1: Define Accounting EquationThe accounting equation serves as a basis for the balance sheet.…

Q: Need help with this accounting questions

A: The formula for Return on Assets (ROA) is: ROA = (Net Income / Total Assets) × 100 Given:Net income…

Q: A company uses 40,000 pounds of materials for which it paid $2 a pound. The materials price variance…

A: To calculate the standard price per pound, we use the formula for the materials price variance:…

Q: Please solve this question general accounting

A: Step 1: Define Taxable incomeTaxable income is the earnings of an individual or company that are…

Q: Financial accounting question

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

Q: How many hours were worked during the Year

A: To solve this problem, we need to calculate the actual direct labor hours worked based on the given…

Q: help general accounting tutor

A: To compute the receivables turnover ratio, we use the formula: Receivables Turnover Ratio=Average…

Q: GENERAL ACCOUNTING

A: Explanation of Net Sales: Net sales represents the total revenue from sales after deducting sales…

Q: The accounting records of Tacoma Company revealed the following costs: Direct materials used $…

A: Given:Direct material = $170,000Direct labor = $350,000Manufacturing overhead = $400,000…

Q: I want to correct answer accounting questions

A: Given:Direct materials cost per unit: $50Direct labor cost per unit: $30Total estimated…

Q: Rolles Company has a contribution margin ratio of 27%. The company is considering a proposal that…

A: Explanation of Contribution Margin Ratio (CMR):The contribution margin ratio (CMR) is a financial…

Q: Given correct answer general accounting

A: Step 1: Definition of Absorption CostingUnder absorption costing, fixed manufacturing overhead is…

Q: How much was the equity of Anglo American PLC worth ?

A: The equity of Anglo American PLC step by step.Given.Non-current Assets (NCA) $34.042…

Q: Please provide answer this financial accounting

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

Q: give me answer accounting question

A: Step 1: Definition of Accounts Receivable Turnover and Average Collection PeriodAccounts Receivable…

Q: Solve this general accounting problem

A: Step 1:A bond is the financial instrument that is used to raise funds for business operations. When…

Q: financial accounting question

A: Given:Net Income = $360Total Equity = $3,000Debt-Equity Ratio = 0.5Plowback Ratio = 50% or 0.5 ROE…

Q: Kindly help me with accounting questions

A: Step 1: Definition of Net IncomeNet income is the profit earned by a business over a period after…

Q: Sawyer Industries, Inc. (SII), developed standard costs for direct material and direct labor. In…

A: Formula for Direct Material Efficiency VarianceThe direct material efficiency variance measures the…

Q: A company is considering whether to adopt a new accounting software system. Discuss the potential…

A: Step 1: Potential benefits of implementing new accounting softwareEnhances efficiency: An accounting…

Q: General Account

A: Why not the other options?A. by manufacturing companies, not service companies: • Wrong, because…

Q: Financial accounting question

A: Step 1: Rent expense Rent expense is given.Rent expense = $72,000 Step 2: Rent payable, December…

Q: Kindly help me with accounting questions

A: To calculate the standard hours allowed for May production, we use the formula: Standard Hours…

Q: Fan corporation question

A: Explanation of Net Operating Income:Net operating income is the profit a business earns from its…

Q: Accurate Answer

A: Period Costs are not related directly to manufacturing and are usually associated with selling and…

Q: I need this question answer general Accounting

A: Step 1: Define Check registerThe check register is used to record the transactions in the checking…

Q: Need help with this question solution general accounting

A: Step 1: Definition of Receivables Turnover RatioThe Receivables Turnover Ratio measures how many…

Q: Help me with this accounting question

A: Step 1: Identify the UnitsBeginning Work in Process (BWIP): 5,300 units (already started in the…

Q: Discuss the accounting treatment for foreign currency transactions. How do changes in exchange rates…

A: Definitions Related to the Question1. Foreign Currency TransactionsForeign currency transactions…

Q: I don't need ai answer general accounting question

A: To calculate the after-tax income from the marketing campaign, you need to account for the tax rate.…

Q: expert of general account help to solve

A: Step 1: Determine the budgeted PPS usage per unit of Flex 10From the table:Budgeted units of Flex 10…

Q: Please given correct answer

A: The question requires the determination of the markup and the markup rate. Markup refers to the…

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

A: Consolidation in financial reporting refers to the process of combining the financial statements of…

Q: General accounting MCQ

A: To determine the net income for the year, we use the accounting equation for changes in owner's…

Q: Hello tutor please help me this question solution

A: Step 1: Define Accounting EquationThe accounting equation represents the relationship between…

Q: Please expert provide answer

A: To calculate the predetermined overhead rate, use the following formula: Predetermined Overhead Rate…

Q: kindly help me with general accounting question

A: Internal growth rate is the rate at which a company grow using retained earnings and no external…

Q: 5 PTS

A: Explanation of Contribution Margin:The Contribution Margin is the amount remaining from sales…

Question

Need this question answer financial accounting question

How to calculate the gross profit based on data given below?
Sales $764000
Selling Expenses 52500
Cost of Merchandise Sold 538000
Sales Discounts 7100
Sales Return and Allowances 3650

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

When 25 of merchandise is returned for a credit on account, what is the amount of the credit to Accounts Receivable, assuming a 6% sales tax rate? (a) 1.50 (b) 25.00 (c) 26.50 (d) 31.00
Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
A company shows the following balances: Sales Revenue $2962000Sales Returns and Allowances 402000Sales Discounts 60000Cost of Goods Sold 1350000 What is the gross profit rate? 46.0%58.0%54.0%66.0%
Using the accounts and amounts below, calculate Net Sales: Account Amount Sales Revenue $142,055 Purchase Discounts 1,886 Sales Discounts Sales Returns and Allowances 2,881 2,515 Cost of Goods Sold 40,889
Using the following information, determine the cost of merchandise sold. Purchases $30,544 Selling expenses $997 Merchandise inventory, September 1 7,780 Merchandise inventory, September 30 10,604 Administrative expenses 1,027 Sales 47,392 Rent revenue 705 Interest expense 1,022 Oa. $38.324 Ob. S27,720 Oc. S7.780 Od. $48,928 Previo
Using the following information, what is the amount of gross profit? Purchases $ 31,501 Selling expenses $ 788 Merchandise inventory, September 1 6,486 Merchandise inventory, September 30 9,529 Administrative expenses 1,194 Sales 49,224 Rent revenue 588 Interest expense 1,105 a. $20,766 Ob. $49,224 Oc. $19,978 Od. $77,682
Using the information below, calculate Gross Profit: Sales Revenue $5,000 Sales Discounts $664 Sales Returns and Allowances $357 Cost of Goods Sold $1,306 Inventory $1,451
What is Gross Profit?
Calculate the gross profit for Jonas Company based on the data given below: Sales Selling Expenses Cost of Merchandise Sold Sales Discounts Sales Returns and Allowances $835,000 52,500 476,000 7,100 3,650
Using the followlng Information, answer the questions. Net sales $198,000 Purchases 92,000 Purchases returns and allowances 1,800 Purchases discounts 1,250 Frelght-in Merchandise Inventory, beginning of perlod Merchandise Inventory, end of perlod 1,590 63,000 37,000 Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Cost of goods sold Determine the gross profit. Check My Work ors Cisck MyWke erany
General Accounting Question please answer
Please give me answer general accounting question