Answered: If cost of goods sold is 240,000 and…

If cost of goods sold is 240,000 and gross profit rate is 25%, calculate the gross profit. a) 60,000 b) 80,000 c) 100,000 d) 75,000

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: What was the absorption costing net opreting income last year?

A: Step 1: Define Absorption CostingThe method used for deterring the price of a product, known as the…

Q: Don't use ai for this general account questions.

A: The correct answer is:B. Debit Capital; Credit Withdrawals Explanation:The Withdrawals account…

Q: What is the payback period?

A: To determine the payback period, we calculate the cumulative cash flows year by year until they…

Q: What is the average collection period solve this accounting questions

A: Step 1: Definition of Average Collection PeriodThe Average Collection Period is the average number…

Q: Don't Use AI

A: Explanation of Variable Costing: Variable costing is a method where only variable production costs…

Q: At the start of the year, Finished good Goods Inventory=$1,000,000. At the end of the year, the…

A: The Variable Costing method only includes variable manufacturing costs such as direct materials,…

Q: If an asset is purchased on credit, what is the effect on the accounting equation? (a) Assets…

A: Concept of AssetsAssets are resources owned by a business that have economic value and can be used…

Q: What were Lory's net new stock issues in that year on these financial accounting question?

A: Step 1: Define New Issue of StockEquity financing is a costly source of funding and a company…

Q: Solution to below Problem

A: Explanation of Gross Profit Method: The gross profit method is an inventory estimation technique…

Q: Provide correct answer general Accounting

A: Step 1: Define Key TermsEarnings Per Share (EPS): It is a company's net income divided by the total…

Q: Yum Yum Meat Company uses a process costing system. The following information relates to one month's…

A: Explanation: Total cost for units transferred out will be calculated as = Equivalent units completed…

Q: Liabilities?

A: Step 1: Introduction to current liabilitiesCurrent liabilities are debts or obligations that a…

Q: Naruto Corp.s sales last year were $67,950, and its total assets were $31,400. What was its total…

A: Explanation of Total Asset Turnover Ratio (TATO): The total asset turnover ratio measures how…

Q: Clonex Labs, Inc., uses the weighted average method in its process costing system. The following…

A: To compute the equivalent units of production (EUP) for October using the weighted-average method,…

Q: Need help with this accounting questions

A: Step 1: Definition of Stockholders' EquityStockholders' equity represents the residual interest in…

Q: answer this financial accounting mcq

A: In accounting, nominal accounts are temporary accounts that track transactions for a specific period…

Q: Given the Information below ⬇

A: Explanation of Gross Profit:Gross profit is the profit a company earns from its core operations,…

Q: A company sells its product for $33 per unit, with variable costs of $18 per unit and fixed costs…

Q: Please provide solution this financial accounting question not use ai

A: Step 1: Analysis of information givenBeginning Price = $52 per shareEnding Price = $54.75 per…

Q: During 2016, Tranquil Waters Spa reported revenue of $20,000. Total expenses for the year were…

A: Step 1: Information GivenRevenue (2016): $20,000Expenses (2016): $5,000Assets at year-end 2016:…

Q: Johnson, Inc. receives $5,000 cash for fees earned. What is the effect of this transaction? a. Total…

A: The correct answer is:c. Net income will increase. Explanation of the TransactionJohnson, Inc.…

Q: Need help with this question solution general accounting

A: Step 1: Calculation of Contribution MarginContribution Margin = Sales - Variable…

Q: Answer? ? General Accounting

A: Step 1: Define NotesA promissory note can be defined as a written document that is issued by the…

Q: Help

A: Explanation of Net Cash Provided by Operating ActivitiesNet cash provided by operating activities…

Q: The total cost of the units completed and transferred out of the department was:

A: To calculate the total cost of the units completed and transferred out, we use the weighted-average…

Q: At the beginning of the year, ABC Company's liabilities equal $97,000. During the year, assets…

A: Explanation of Assets:Assets are resources owned by a company that have economic value and are…

Q: Please solve this accounting question

A: Step 1: Define Interest PayableInterest payable refers to the amount of interest that accumulates on…

Q: What was the net income for the year? General accounting

A: Step 1: Define Net IncomeThe net income is the residual revenue left with the business after the…

Q: I want to this question answer general Accounting

A: Step 1: Determine the taxable portion of the $2,000 gross earningsStep 2: Calculate the Social…

Q: Please solve this question general accounting

A: Step 1: Introduction to time value of moneyTime value of money is a financial concept which is used…

Q: Financial Accounting

A: Step 1: Define Effective RateThe effective rate considers the compounding effect and other factors…

Q: Please solve this question general accounting

A: Cash Flows from Financing ActivitiesIssuance of Bonds:The company issued $500,000 in long-term bonds…

Q: Need help with this accounting questions

A: Step 1: Definition of Cash Received from RevenueCash received from revenue refers to the actual cash…

Q: Please see attachment for details

A: Explanation of Sales Revenue: Sales revenue represents the total amount of money generated from…

Q: Hi expert provide correct answer general accounting

A: Step 1: Calculate the Fair Value of Net Assets AcquiredStart with the fair value of the…

Q: General Accounting question

A: Fixed overhead per unit = 117,250 / 33,500 = $3.5 Variable…

Q: Company's estimated cost of goods sold?

A: Explanation of Beginning Inventory: Beginning inventory represents the value of goods on hand at the…

Q: A company sells its product for $33 per unit, with variable costs of $18 per unit and fixed costs…

A: Concept of Selling Price per Unit: The selling price per unit is the amount charged to customers for…

Q: Hi teacher please help me this question general accounting

A: Step 1: Define Standard costThe standard cost is the budgeted cost per unit for direct materials,…

Q: A company's Cash account shows an ending balance of $4,600. Reconciling items included a bookkeeper…

A: To calculate the adjusted book balance, we start with the company's Cash account ending balance and…

Q: Calculate it's gross profit?

A: Step 1: Define Gross Profit MarginIn financial accounting, the gross profit margin, also known as…

Q: Need Answer

A: To calculate the total assets, we use the accounting equation:Total Assets=Total Liabilities+Total…

Q: None

A: Step 1: Define Cost of GoodsWe have manufacturing costs, cost of goods manufactured, and cost of…

Q: Need help with this accounting questions

A: Step 1: Define Accounting EquationThe accounting equation represents that each transaction affects…

Q: Do fast answer of this accounting questions

A: Step 1: Definition of Maturity ValueMaturity value is the total amount to be paid at the end of a…

Q: None

A: Step 1: Define NoteThe note can be defined as a promissory note that is issued by the borrower that…

Q: Quick answer of this accounting questions

A: Step 1: Definition of Debt-to-Equity RatioThe debt-to-equity ratio is a financial metric that…

Q: Quick answer of this accounting questions

A: Step 1: Define Earnings Per Share A company's earnings per share are presented at the bottom of its…

Q: Question 54.2.43 Accounting

A: Explanation of Gross Margin:Gross margin is the difference between sales revenue and the cost of…

Q: What is the total amount of assets at the end of the year on these general accounting question?

A: Step 1: Define Accounting EquationThe Accounting Equation is the foundation of double-entry…

Question

Solve this question answer general Accounting

If cost of goods sold is 240,000 and gross
profit rate is 25%, calculate the gross profit.
a) 60,000
b) 80,000
c) 100,000
d) 75,000

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.
Revenue is $125,000. Cost of goods sold are $75,000. Calculate gross margin. O 20% O 40% 60% 80%
What is the gross profit on these general accounting question?
Calculate the Gross Profit Percentage using the following information: Net Sales Cost of Goods Sold Operating Expenses Income Taxes 60% 32.5% 30% 120% 5,000,000 2,000,000 500,000 875,000
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.
Provide Answer with calculation
provide answer with short detailes
Calculate the gross profit percentage using the following information: Net Sales Cost of Goods Sold Operating Expenses Income Taxes 60% O 50% O 33% 185% 2,500,000 1,000,000 250,000 437,500 Listen
A company has $550,000 in net sales and $193,000 in gross profit. This means its cost of goods sold equals a. $743,000. c. $357,000. e. $(193,000). b. $550,000. d. $193,000.
Financial information is presented below: Operating Expenses $ 90000 Sales Returns and Allowances 22000 Sales Discounts 9000 Sales Revenue 281000 Cost of Goods Sold 157000 The gross profit rate would be 49.3%. 37.2%. 43.1%. 55.2%.
If the gross profit margin is 20% and the cost of goods sold is $120,000, what is the amount of revenue? $100,000 $250,000 $150,000 $200,000
calculate this account questions profit ratio