Answered: Peartree Inc. provides the following…

Peartree Inc. provides the following extracts from income statement for the year 2017 Net sales $570,000 Cost of Goods Sold (220,000) Gross profit $430,000 Calculate the gross profit percentage.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Related questions

Q: Need help with this financial accounting question

A: Step 1: Define Return on Equity (ROE)Return on Equity (ROE) is a financial performance metric that…

Q: 4 POINTS

A: The question refers to Financial Instruments. A financial asset is classified as measured at fair…

Q: The standard cost of Product YY includes 4 hours of direct labor at $14 per hour. The predetermined…

A: To compute the total overhead variance, we compare the actual manufacturing overhead incurred to the…

Q: The Activity-Based costs assigned to cost objects are based on what? Activity cost pools.…

A: Activity-Based Costing (ABC) is a costing method that identifies activities in an organization and…

Q: How much is the direct labor rate variance?

A: Explanation of Direct Labor Rate: This represents the hourly wage paid to workers who directly work…

Q: Kindly help me with accounting questions

A: Step 1: Definition of Raw Material PlanningRaw Material Planning is the process of determining the…

Q: Please need answer the general accounting question

A: Step 1: Define Gain or Loss on Sale of AssetGain or loss on the sale of an asset is calculated as…

Q: What is the unit product cost for the year using absorption costing ?

A: Absorption costing includes:Variable manufacturing costs per unit: Direct costs that vary with…

Q: answer accounting question

A: Step 1: Compute the comparable cost per unit by using the High-Low Cost Method as follows: Variable…

Q: None

A: Step 1: Identify the Given ValuesStep 2: Identify the Required Rate of Return FormulaStep 3:…

Q: Financial Accounting

A: 1. Calculate the previous day's closing price:Previous day's closing price = Closing price - Daily…

Q: Determine the firm fixed cost? General accounting

A: Step 1: Meaning of fixed costFixed cost is the cost incurred regardless of the level of production.…

Q: General accounting

A: To estimate the price of UPS stock using the method of comparables, we use the price-to-earnings…

Q: What was her capital gains yield?? General accounting

A: To calculate the capital gains yield, we use the formula: Capital Gains Yield =((Selling Price…

Q: I want to correct answer general accounting

A: Step 1: Definition of High-Low MethodThe High-Low Method is a cost estimation technique used to…

Q: Financial Accounting

A: Step 1: Define Cycle TimeCycle time refers to the total time taken to complete one unit of…

Q: General accounting

A: Step 1: Definition of Inventory ShrinkageInventory Shrinkage refers to the loss of inventory due to…

Q: Need help this question

A: The question requires the determination of the amount of fixed assets purchased. A fixed asset is a…

Q: General Accounting Question please answer

A: Step 1: Definition of the High-Low MethodThe high-low method separates fixed and variable costs by…

Q: Break-even analysis calculates the point where? A) Total revenues equal fixed costs B) Total…

A: Concept of Break-Even Point: The break-even point is the level of sales at which a company's total…

Q: Help

A: Correct option:A) Depreciated over lease term or useful lifeExplanation:Under bookkeeping guidelines…

Q: Answer? ? Financial accounting question

A: To solve for Sunflower Company's equity multiplier, debt ratio, and ROE, we can follow these steps:…

Q: ???

A: Under IFRS 9, financial liabilities that are designated as at FVTPL have certain requirements in the…

Q: How much is variable overhead?

A: To calculate the ending inventory under absorption costing, we need to first compute the total cost…

Q: Describe the overall structure of the Zambian tax system

A: The Zambian tax system is set up to bring in money for the government to spend on infrastructure and…

Q: Financial Accounting MCQ

A: For a financial liability designated at Fair Value Through Profit or Loss (FVTPL), any changes in…

Q: At the end of last year

A: Concept of AssetsAssets are resources owned by a company that provide future economic benefits.…

Q: What is the result of this exchange?

A: To determine the result of the exchange, we need to calculate the book value of the truck being…

Q: Compute the following requirements on these general accounting question

A: Step 1: Define Comprehensive IncomeComprehensive income refers to the total change in a company's…

Q: ??

A: To calculate the required number of meals, we need to follow these steps:Step 1: What is the…

Q: Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses…

A: Part 1: Standard Labor Hours Allowed (SH)1 Jogging mate requires 18 mins standard hours to…

Q: Financial Accounting

A: Concept of Accounts ReceivableAccounts receivable represents the amount of money owed to a company…

Q: Solve this general accounting problem

A: Explanation of Absorption Costing Unit Product Cost: This is a costing method that includes all…

Q: According to the static budget absolute expected to incur the following

A: Explanation of Variable Manufacturing Overhead Allocation Rate:Variable manufacturing overhead…

Q: Please answer the general accounting question

A: Step 1: Define Actual Direct Materials CostThe actual direct materials cost is the total cost…

Q: Silver Cloud Computing purchased office equipment for $75,000 with a trade discount of 12% and cash…

A: Concept of Trade DiscountA trade discount is a reduction in the list price offered by a seller to…

Q: Abc

A: To determine the company's **net operating income (NOI)**, we can use the formula for **return on…

Q: Financial accounting question

A: Step 1: Define Price-Earnings Ratio (P/E)The Price-Earnings Ratio (P/E) is beneficial to the…

Q: The ending inventory for the year would be valued at.

A: Explanation of Absorption Costing:Absorption costing is a costing method that allocates all…

Q: None

A: Step 1: Definition of GoodwillGoodwill: Goodwill is the excess amount paid in an acquisition over…

Q: Please solve this question general accounting

A: Step 1: Definition of Gross ProfitGross Profit is the total revenue of a company minus the cost of…

Q: I want to this question answer general Accounting

A: Step 1: Define Standard CostingStandard costing refers to the comparison of standard and actual…

Q: Financial Accounting Question please solve this problem

A: Step 1: Define Deferred Tax LiabilityA deferred tax liability arises when a company's taxable income…

Q: General Accounting

A: To calculate the net sales, we need to account for the increase in accounts receivable.Net sales can…

Q: Please given correct answer general accounting

A: The price-earnings (P/E) ratio is calculated using the formula: P/E Ratio = Share Price / Earnings…

Q: Solve all of the following problems: The Smith company has $2,392,500 in current assets and…

A: Problem 1: Current Ratio for Smith CompanyThe current ratio is defined as:Current Ratio =Current…

Q: 1. Clean Angling Incorporated processes king salmon for various distributors. Two departments are…

A: 1. Total Equivalent Units for Materials (Weighted-Average Method)Given:Beginning WIP Inventory:…

Q: What is the desired profit for the year on these general accounting question?

A: Step 1: Define Desired Operating IncomeDesired operating income is the target profit an organization…

Q: provide its general account solutions

A: To calculate the Assets at the end of the year, we use the accounting equation:…

Q: Ans plz

A: Step 1:Given that, Retained earnings = $194,000 Cash dividends = $184,000 Total equity = $4,890,000…

Question

The following extract from income statement for the year 2017

Peartree Inc. provides the following extracts
from income statement for the year 2017
Net sales $570,000
Cost of Goods Sold (220,000)
Gross profit $430,000
Calculate the gross profit percentage.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

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. 1,220,000
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
Calculate the gross profit percentage
Answer this question ?
Danby, Inc. provides the following data from its income statement for 2018: Net Sales $540,000 Cost of Goods Sold (190,000) Gross Profit $350,000 Calculate the gross profit percentage. (Round your answer to two decimal places.)
Coleman, Inc. provides the following data from its Income Statement for 2018: Net Sales $ 560,000.00 Cost of Goods Sold $ (160,000.00) Gross Profit $ 400,000.00 Calculate the gross profit percentage. (round your answer to two decimal places) A 71.43% B 25.00% C 100.00% D 28.57%
Manero Company included the following information in its annual report: 2018 2017 Sales Cost of goods sold Operating expenses Net income $188,400 115,000 50,000 23,400 $162,500 102,500 50,000 10,000 2016 $150,500 100,000 45,000 5,500 In a common size income statement for 2017, the cost of goods sold are expressed as OA. 115.0% OB. 61.0% OC. 100.0% O D. 63.7%
I want to answer this question
Complete the common-size income statement below: Common-Size Income Statement 2016 Revenues $ 29,970 % Cost of goods sold (20,030) Gross profit $ 9,940 % Operating expenses (8,030) Net operating income $ 1,910 % Interest expense (860) Earnings before taxes $ 1,050 % Income taxes (382) Net income $ 668 %
Mac Donald company reported the following on its comparative income statement: 2017 2018 2019 Revenue 9,000 10,000 14,000 Cost of goods sold 6,000 4,000 9,000 Prepare a horizontal analysis of revenue , cost of goods sold and gross profit
Please find the following ratios for both year 2017 and year 2018 based on following data RATIO AT ROA L ROE
General Accounting