Net net profit is computed in the

Q: On Jan. 1, 2008, Palencia and Santos decided to form a partnership. At the end of the year, the…

A: Average capital of Palencia = P40,000×312+ P35,000×412+ P45,000×212+ P50,000×212+ P54,000×112…

Q: What formula is used to determine net profit

A: Net profit is the actual income earned by an organization after paying all the expenses. It is…

Q: Briefly explain the difference between gross profit, net profit and EBIT.

A: Gross Profit is computed by deducting Cost of goods sold from Sales. Gross profit is the profit a…

Q: Define Gross Profit Method.

A: Definition:   Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…

Q: Accounts Credit KOMR) Debit (OMR) Cash 120,000 Capital h00,000 Prepaid insurance 5600 Salary expense…

A: Formula: Net Income = Total Revenues - Total Expenses

Q: Problem B. Analysis of SOLOMONS Corp. records disclosed the following changes for the year 2020 and…

A: As per accounting Equation: Assets = Liabilities + Capital.   Also, Increase in Assets = Increase in…

Q: VOLTAMP ENERGY SAOG Interim Report for the period ended 30th June, 2020 VOLTAMP 6 months Quarter…

A: Gross Profit ratio = 100* Gross Profit / Sales  Net Profit Ratio = 100* Net Profit / Sales Here net…

Q: Purchases S32,000 Purchases discounts $960 Merchandise inventory 5,700 Merchandise inventory…

A: Net purchases = Purchases - purchases return and allowance - purchases discount            = 32,000…

Q: compute the gross profit percentage

A: Gross profit: It implies to the excess of company's net sales over the cost incurred on goods sold…

Q: How to calculate gross profit percentage will be mItaned

A: A fundamental financial indicator known as gross profit, also known as gross income or gross margin,…

Q: 19. Using the information below, calculate gross profit for the period: Sales revenues for the…

A: The gross profit is computed by deducting the cost of goods sold from the sales revenue. The cost of…

Q: What is the gross profit and how do i calculate it

A: Manufacturing department profit is also known as gross profit. This profit includes only costs…

Q: merchandise costing P20,000 for P32,000 and accepts old merchandise with fair value 12,000 as trade…

A: Gross profit rate or margin is the ratio or metrics which is used to analyse the financial position…

Q: Legal and audit fees Rent for office space, share equally by the administrative and sales offices…

A: Net Income = Sales - Cost of Goods Sold - Operating Expenses

Q: What is the formula for gross profit

A: Gross profit is an excess of revenue over the cost of goods sold.it can be calculated by deducting…

Q: Road Warrior Corporation began operations early in the current year, building luxury motor homes.…

A: Road warrior corporation…

Q: record the share in the profit

A: A partnership is a form of business in which two or more persons come together with a common…

Q: Define Gross profit ratio.

A: Ratio analysis: The analysis of a company using the financial ratios and comparing its trends and…

Q: Define components of net income.

A: Net income: Net income is the excess amount of revenue after deducting all the expenses of a…

Q: How is gross profit calculated, and what does it represent?

A: Gross profit is the difference of amount obtained by subtracting Cost of goods sold from Net…

Q: Find the Gross Profit

A: Direct costs are associated with the manufacturing of goods/services provided to consumers,…

Q: What are the major uses of the gross profit method?

A:

Q: o our authors, define “gross profit" and provide an example.

A: Gross Profit is the margin that a business wanted to earn on selling the goods or service, its…

Q: what is the revenue and gross profit

A: Revenue is the amount or income which has been earned during particular period of time. Gross profit…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.