Luna Enterprises sold goods for $120,000 on credit. The cost of the goods sold was $80,000. What is the gross profit on this sale?
Q: MCQ
A: Step 1: Information givenBeginning Finished Goods Inventory (Jan 1): $40,000Ending Finished Goods…
Q: Need Help with This Question solve with General Accounting Method
A: 1.COGS represents the direct costs attributable to the production of the goods sold by a company.…
Q: Sub. Cost account
A: Quick Ratio = 0.88 ✅ Beacon Corp has $0.88 in quick assets for every $1 of current liabilities,…
Q: Please provide answer
A: Explanation of Manufacturing Cycle Time: Manufacturing cycle time represents the total elapsed time…
Q: A truck costs $88,000 when new and has accumulated depreciation of $70,000. Suppose Falcon Hauling…
A: Commercial Substance in Exchange:An exchange has commercial substance if the future cash flows of…
Q: Calculate cash conversion cycle
A: To calculate the Cash Conversion Cycle (CCC), we use the formula: CCC=Days Inventory Outstanding…
Q: please provide correct answer General accounting question
A: Step 1: Define Gross ProfitGross Profit is the difference between Net Sales and Cost of Goods Sold…
Q: need answer of this general accounting
A: Step 1: Definition of Gross Profit PercentageGross Profit Percentage is a financial ratio that shows…
Q: What is the estimated variable cost
A: Explanation of High-Low Method:The high-low method is a cost estimation technique used to separate…
Q: What is the net realizable value of the accounts receivables at year end
A: Concept of Accounts Receivable:Accounts Receivable refers to the amount of money owed to a business…
Q: price-earning ratio accounting question
A: Step 1: Definition of Price-Earnings (P/E) RatioThe Price-Earnings Ratio (P/E) measures how much…
Q: Give me Answer
A: Order Quantity: 7,000 unitsActual Demand: 4,500 unitsSelling Price: $250 per unitCost per Unit: $165…
Q: How much would profit increase?
A: Step 1: Definition of Incremental ProfitIncremental Profit is the additional profit earned when…
Q: Kendrick Industries provided the following financial data: Net Income = $30,120 Assets at the…
A: Return on Assets (ROA) for Kendrick Industries WE HAVE GIVEN FINANCIAL DATA :Net Income =…
Q: A product is sold for $25 per unit, and the variable cost per unit is $15. Fixed costs for the…
A: Step 1: Definition of Break-Even and Target Profit UnitsTo find the number of units required to…
Q: These transactions took place for Blossom Co. 2024 May 1 Received a $3,000, 12-month, 4% note in…
A: Step 1: This question requires recording journal entries for Blossom Co.'s notes receivable. It…
Q: Need help with this question solution general accounting
A: Step 1: Definition of Net IncomeNet Income is the amount of profit a company earns after subtracting…
Q: Given solution for General accounting question not use ai
A: Applied overhead = Actual overhead - Underapplied overheadApplied overhead = 330,000 - 20,000Applied…
Q: I have assignment this 3 Question please Solve It for me
A: 1. Carter Enterprises - Gross Profit CalculationGross Profit is calculated as:Gross Profit=Net…
Q: Please need help with this general accounting question
A: Step 1: Define Predetermined Overhead RatePredetermined Overhead Rate is the rate used to allocate…
Q: I need Answer of this Question Please solve Without Fail
A: First QuestionCalculation of Cost of Goods SoldCost of Goods Sold = Merchandise Beginning…
Q: I want the correct answer with general accounting question
A: Step 1: Definition of EquityEquity is the residual interest in the assets of a company after…
Q: General accounting question
A: Step 1: Definition of Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL)…
Q: A wholesale company has the following figures
A: Step 1: Definition of Net Profit MarginNet Profit Margin measures how much of each dollar of sales a…
Q: MCQ
A: Approach to solving the question: Detailed explanation: Examples: Key references:
Q: On December 1, 2022, Oriole's Company Accounts Receivable balance was $19,720. During December,…
A: Step 1: Definitions Accounts Receivable is the amount of money customers owe to a business for goods…
Q: Perry Company applies overhead on the basis of 200% of direct labor cost. Job No. 486 is charged…
A: Provided Data:Overhead rate = 200% of Direct Labor CostDirect Materials for Job No. 486 =…
Q: Choice correct answer with accounting question
A: Step 1: Definition of Standard Manufacturing Overhead Rate per UnitStandard Manufacturing Overhead…
Q: Please provide answer
A: Explanation of Selling Price:The Selling Price is the amount a company charges customers for one…
Q: What is the cost of good sold for company?
A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the direct costs…
Q: Summit Holdings has $280,000 in accounts receivable that will be collected within 70 days. The…
A: To calculate the rate of return for Skyline Factoring Company, we use the formula for the rate of…
Q: Chipa Corp. started the year with total assets of $303,000 and total liabilities of $243,000. During…
A: Provided Data:Beginning Assets = $303,000Beginning Liabilities = $243,000Revenues = $631,000Expenses…
Q: Given this income statement general accounting compute the degree of operating leaverage
A: Step 1: Definition of Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL)…
Q: Solve this Accounting Problem
A: Provided Data:Company X adds 60% markup to its cost to determine the selling price.Selling price…
Q: What is the full cost of the product?
A: Explanation of Full Cost: Full cost represents the comprehensive sum of all expenses associated with…
Q: Explain properly all the answer general accounting question
A: Step 1: Define Net IncomeNet Income is the amount remaining after deducting income tax expenses from…
Q: MID Company had originally expected to earn operating income of $130,000 in the coming year. MID's…
A: To find the percent change in operating income, we'll use the Degree of Operating Leverage (DOL)…
Q: general accounting
A: Step 1: Definition of Cost per Equivalent Unit of ConversionCost per equivalent unit of conversion…
Q: Need solution
A: Concept of Investing Activities:Investing activities refer to cash transactions involving the…
Q: please give me true answer accounting question
A: Step 1: Definition of Maturity ValueMaturity Value is the total amount that must be repaid on a loan…
Q: Compute the break even sales for the current year
A: Explanation of Break-even Point: The break-even point represents the exact sales volume at which a…
Q: Part B
A: Journal Entries have been shown for better understanding Coote Inc. (April 21 - July 20)Principal:…
Q: Suppose Loc Motors, Inc. has 720 million shares outstanding with a share price of $65.20, and $30.85…
A: Let's solve this step by step. Step 1: Calculate the Current Equity Value Equity value is given by:…
Q: What is the gross profit percentage?
A: Explanation of Sales:Sales, also known as revenue, represent the total amount earned by a company…
Q: BGM Manufacturing uses a predetermined overhead
A: Concept of Predetermined Overhead Rate:The predetermined overhead rate is an estimated rate used to…
Q: I want to this question answer for general accounting question not need ai solution
A: Step 1: Define Days' Sales in Receivables (Average Collection Period)The Days' Sales in Receivables…
Q: Tamarisk Motor Company manufactures automobiles. During September 2025, the company purchased 6,000…
A: Given Data:Total headlamps purchased = 6,000Cost per lamp = $10Headlamps used for sales staff =…
Q: Based on the following account balance
A: Total stockholder's equity = Common stock + Paid-in capital in excess of par + Retained earnings -…
Q: Please give me true answer this financial accounting question
A: Step 1: Define Applied OverheadApplied Overhead is the amount of manufacturing overhead costs…
Q: I don't need ai given answer general accounting question
A: Step 1: Definition of Adjusting EntryAn Adjusting Entry is a journal entry made at the end of an…
None
Step by step
Solved in 2 steps
- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000What is the amount of the gross profit ??Brown Glory Corp. has sales revenue of $150,000, sales discounts of $12,000, sales returns allowances of $24,000, and cost of goods sold of $60,000. What would be the net sales revenue of Brown Glory Corp.?
- 1)Brown Glory Corp. has sales revenue of $150,000, sales discounts of $12,000, sales returns allowances of $24,000, and cost of goods sold of $60,000. What would be the net sales revenue of Brown Glory Corp.?Gross profit? account.During the current year, merchandise is sold for P86,000 cash and for P93,950 on account. The cost of the merchandise sold is P76,240. What is the amount of the gross profit?Required to answer.
- What is the net sales amount?During the current year, the merchandise is sold for 45,870, 000. The cost of the merchandise sold is 33,026,400. What is the amount of gross profit?Financial information is presented below: Operating expenses $ 50000; Sales returns and allowances 3000; Sales discounts 5000; Sales revenue 184000; Cost of goods sold 98000. Given the information, what would be the gross profit?
- During the current year, merchandise is sold for $775,000. The cost of the merchandise sold is $426,250. a. What is the amount of the gross profile? b. Compute the gross profile percentage (gross profile divided by sales). c. Will the income statement necessarily report a net income? Explain.Calculate it's gross profit??During the current year, merchandise is sold for $366, 100 cash and $1,420,000 on account. The cost of the merchandise sold is $1,014,300. what is the amount of the gros profit?