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J. Dillion, manager of the company, strives to earn a gross profit percentage of at least 50%. Did Farm Fresh achieve this goal? Show your calculations.

J. Dillion, manager of the company, strives to earn a gross profit percentage of at least 50%. Did Farm Fresh achieve this goal? Show your calculations.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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J. Dillion, manager of the company, strives to earn a gross profit percentage of at least 50%. Did Farm Fresh achieve this goal? Show your calculations.

Farm Fresh BeefFarm Fresh Beef Company uses a perpetual inventory system. The records of Farm Fresh BeefFarm Fresh Beef Company list the following selected accounts for the quarter ended Interest Revenue Merchandise Inventory Notes Payable, long-term Salaries Payable Net Sales Revenue Rent Expense (Selling) Salaries Expense (Administrative) Office Supplies Unearned Revenue Interest Expense Depreciation Expense-Equipment (Administrative) Utilities Expense (Administrative) Delivery Expense (Selling) S Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment 550 45,500 44,000 3,000 Common Stock 290,000 21,600 Dividends 1,700 Cash 5,500 Cost of Goods Sold 13,200 Equipment 2,000 Interest Payable 1,315 Rent Expense (Administrative) 4,700 Salaries Expense (Selling) 3,300 Utilities Expense (Selling) Retained Earnings S 17,800 35,200 36,700 34,000 11,665 22,000 7,700 139,200 131,500 1,000 9,400 5,800 11,500
Transcribed Image Text:Farm Fresh BeefFarm Fresh Beef Company uses a perpetual inventory system. The records of Farm Fresh BeefFarm Fresh Beef Company list the following selected accounts for the quarter ended Interest Revenue Merchandise Inventory Notes Payable, long-term Salaries Payable Net Sales Revenue Rent Expense (Selling) Salaries Expense (Administrative) Office Supplies Unearned Revenue Interest Expense Depreciation Expense-Equipment (Administrative) Utilities Expense (Administrative) Delivery Expense (Selling) S Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment 550 45,500 44,000 3,000 Common Stock 290,000 21,600 Dividends 1,700 Cash 5,500 Cost of Goods Sold 13,200 Equipment 2,000 Interest Payable 1,315 Rent Expense (Administrative) 4,700 Salaries Expense (Selling) 3,300 Utilities Expense (Selling) Retained Earnings S 17,800 35,200 36,700 34,000 11,665 22,000 7,700 139,200 131,500 1,000 9,400 5,800 11,500
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