Need answer financial accounting question Lara Cross has gathered the following information:Gross Sales $30,000Sales Discounts $4,500Beginning Inventory $3,500Net Purchases $5,000Ending Inventory $4,200Operating Expenses $2,500Calculate Lara's gross profit.

Step 1: Define Gross ProfitGross profit is the portion of net sales that remains after deducting the…

Answered: Lara Cross has gathered the following…

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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Determining gross profit During the current year, merchandise is sold for $8,780,000. The cost of the goods sold is $5,531,400. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. What is the amount of the gross profit? Round your answer to the nearest dollar. b. Compute the gross profit percentage (gross profit divided by sales). Round your answer to the nearest whole number. C. Will the income statement always report a operating incomne? Yes No Previous earch 542 PM 5/3/2021
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
Using the following information, what is the amount of gross profit? Purchases $44,000 Merchandise inventory, September 1 6,600 Selling expense 1,550 Merchandise inventory, September 30 7,100 Sales 94,000 Interest expense 1,240 Administrative expense 1,110 Rent revenue 2,200
A small retailer has the following transaction data: beginning inventory $8,000, purchases $62,000, purchase returns $2,000, freight-in $3,000, and ending inventory $12,000. Cost of goods sold is?
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Can someone give me there answer to these and help me understand! Help is much appreciated. Thanks!
Need help
Provide cogs ,net sales ,net income?
Given the information below, what is the gross profit? Sales revenue Accounts receivable Ending inventory Cost of goods sold Sales returns Multiple Choice $76,000 $197,000 $79,000 $106,000 $ 345,000 60,000 118,000 239,000 30,000
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Lara Cross has gathered the following information: Gross Sales $30,000 Sales Discounts $4,500 Beginning Inventory $3,500 Net Purchases $5,000 Ending Inventory $4,200 Operating Expenses $2,500 Calculate Lara's gross profit.