Olly Company is a merchandising business that sells dog food. Based on the following information, what is the gross margin for Olly Company?Sales RevenueCash$ 500,000100,00050,000Accounts ReceivableInventoryCost of goods soldOperating expensesMultiple Choice$135,000$200,000$285,000$160,00025,000300,00040,000

Gross margin is an excess amount of revenue over the cost of goods sold. It can be calculated by…

Answered: Olly Company is a merchandising…

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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Fit-for-Life Foods reports the following income statement accounts for the year ended December 31 Gain on sale of equipment Office supplies expense Insurance expense Sales office salaries expense 6,250 Depreciation expense-office copier 500 Sales discounts 700 16,000 4,000 2,000 Sales returns and allowances 1,300 220,000 TV advertising expense Interest revenue 32,500 10,000 23,000 Sales commission expense 750 Rent expense-Selling space Sales staff wages Cost of goods sold 90,000 13,000 Prepare a multiple-step income statement.
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Garza Company had sales of $155,000, sales discounts of $2,325, and sales returns of $3,720. Garza Company's net sales equals: Multiple Choice $155,000. O $152,675. $6,045. $161,045. $148,955.
For a recent year Best Buy (BBY) reported sales of $39,528 million. It's gross profit was $9,191 million. What was the amount of Best Buy's cost of goods sold?
A Taste of Akerley has the following financial information. Calculate its gross profit and gross profit margin. 2016 Revenue $500,000 Cost of Sales $350,000
The management accountant for Giada's Book Store has prepared the following income statement for the most current year: Cookbook Travel Book Classics Total Sales $65,000 $164,000 $55,000 $284,000 Cost of goods sold 37,000 67,000 20,000 124,000 Contribution margin 28,000 97,000 35,000 160,000 Order and delivery processing 21,000 25,000 11,000 57,000 Rent (per sq. foot used) 5,000 4,000 4,000 13,000 Allocated corporate costs 10,000 10,000 10,000 30,000 Corporate profit…
Calculate the net margin and indicate which of the two companies is more profitable. Agricorp Multigrain Net sales ( all on credit) $603,000 $519,000 Cost of goods sold $454,000 $387,000 Income from operations $93,000 $72,000 Interest expense $- $8,000 Net income $93,000 $38,000 Group of answer choices Agricorp Multigrain Non of the two companies are profitable Both companies are equally profitable Previous
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How do get the Gross Profit Margin and Net Profit Margin?
Given the information below find net profit/loss in dollars for the month of June Guest Hotel Inc. Income Statement for the period ending June 30, 2021 Sales Food 179,178 79,882 Beverage Total Sales Cost of Sales Food Beverage Total cost of goods sold- Gross Profit Controllable Expenses Salaries & Wages Occupancy Office & General Utilities 77,074 26,752 100,578 27,123 11,364 9.144 Transportation Kitchen supplies Professional fees Advertising Social Media Expenses 10,750 Vehicle Total Controllable Expenses Net Profit / Loss 5.908 8,035 7.000 7,788 4.907

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