Provide correct option general accounting Pentex and Marbro, small companies in the stationery business,each had a dollar gross margin of $20,000 during September 2014.Pentex's September sales were twice that of Marbro's. If Pentex'sgross margin as a percentage of sales for September was 10%,Marbro's gross margin as a percentage of sales for the same periodwas:a. 10%b. 5%c. 20%d. Cannot be calculated.

Step 1: Define Gross MarginIn business and finance, the gross margin refers to the difference…

Answered: Pentex and Marbro, small companies in…

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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Flimflam Corp had sales to customers of $475,000 during 2015. The company has consistently experienced a 35% gross profit percentage and estimates that 5% of all sales will be returned. During 2015, customers returned merchandise for credit of $18,000 to their accounts. The balance in the allowance for sales returns account at the beginning of 2015 was $24,000. What is the balance in the allowance for sales returns account at the end of 2015?
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General Accounting
Sisyphus Inc. records total sales of $657,500 in the current period, with a cost of goods sold of $389,000 . Sisyphus expects 4% of sales to be returned. How much in net sales will Sisyphus recognize for the current period? Group of answer choices $373,400 $268,500 $631,200 $657,500 $257,760 The Sisyphus Inc’s (SSY) Company’s annual statement of cash flows reported the following (in millions): Net cash from financing activities $63,864 Net cash from investing activities -62,512 Cash at the beginning of the year 13,152 Cash at the end of the year 18,948 What did SSY report for “Net cash from operating activities” during the year? Group of answer choices $71,220 million cash inflow None of the above $4,444 million cash outflow $4,444 million cash inflow $71,220 million cash outflow
Happy Valley Homecare Suppliers, Incorporated (HVHS), had $11.7 million in sales in 2015. Its cost of goods sold was $4.68 million, and its average inventory balance was $1.84 million. a. Calculate the average number of days inventory outstanding ratios for HVHS. b. The average number of inventory days in the industry is 73 days. By how much must HVHS reduce its investment in inventory to improve its inventory days to meet the industry? (Hint: Use a 365-day year.) a. Calculate the number of days inventory outstanding ratios for HVHS. The number of inventory days outstanding is days. (Round to two demical places.) b. The average number of inventory days in the industry is 73 days. By how much must HVHS reduce its investment in inventory to improve its inventory days to meet the industry? To match the industry average number of inventory days, HVHS would reduce its inventory by $ million. (Round to three decimal place.)
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Pomelo Corporation has estimated its activity for December 2014. Selected data from these estimatedamounts are as follows:Sales = P350,000Gross profit (based on sales) = 30%Increase in trade accounts receivable during the month = 10,000Change in accounts payable during the month = 0Increase in inventory during the month = 5,000  Variable selling, general & administrative expenses (S,G,& A) includes for uncollectible accounts of 1%of sales. Total S,G,& A is P35,000 per month plus 15% of sales. Depreciation expense of P20,000 per month is included in fixed S,G,&,A. 15. On the basis of the above data, what are the estimated cash receipts from operations for December?a. P336,500 b. P340,000 c. P346,500 d. P350,000 16. On the basis of the above data, what are the estimated cash disbursements from operations for December?a. P309,500 b. P313,000 c. P314,000 d. P318,000
Tech Company is a medium-sized consumer electronics retailer. The company reported $155,000,000 in revenues for 2007 and $110,050,000 in Costs of Goods Sold (COGS). In the same year, Tech Co. held an average of $16705510in inventory. Inventory cost at Tech Co. is 27 percent per year. What is the per unit inventory cost ($) for an MP3 player sold at $46? Assume that the margin corresponds to the retailer’s average margin.
Refer to the following mentioned data. (In millions) 2015 $26,512 13,307 2017 2016 $34,736 14,970 Net sales $30,142 Cost of products sold 13,615 Gross margin $19,766 $16,527 $13, 205 Required: a. Calculate the gross profit ratio for each of the past three years. (Round your answers to 2 decimal places.) 2017 2016 2015 b. Assume that Campbell's net sales for the first four months of 2018 totaled $12.15 billion. Calculate an estimated cost of goods sold and gross profit for the four months, using the gross profit ratio for 2017. (Round intermediate calculations to 2 decimal places. Enter your answers in millions rounded to nearest whole number (i.e.., 5,000,000 should be entered as 5).) Cost of goods sold million Gross profit million
refer following data
Refer to the following mentioned data. Net sales Cost of products sold Gross margin (In millions) 2017 2016 $34,954 $30, 040 14,274 13, 395 $20, 680 $16, 645 2017 2016 2015 Required: a. Calculate the gross profit ratio for each of the past three years. (Round your answers to 2 decimal places.) 2015 $26, 091 13, 655 $12, 436 59.16 % 55.41 % 47.66 %
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