Answer Picture It Co. is a retailer of high-end cameras. Typically,the company purchases a camera for $500 and sells it for$900. What is the gross profit on this camera?a. $900b. $400c. $450d. $500

Calculation of the gross profit of the camera.Selling price of camera (given) = $900Cost of camera…

Answered: Picture It Co. is a retailer of…

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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Answer?? Financial accounting
A clothing merchant purchases a shipment of clothes for $37,000.00 with discounts of 11% and 5%. He sells it to a customer at a price which includes 21% profit on cost and overhead expenses of 23% on cost. a. How much did it cost him to purchase the container of clothes? $0.00 Round to the nearest cent b. What was the selling price of the container of clothes? 50.00 Round to the nearest cent c. Calculate the break-even selling price. 50.00 Round to the naarast cant
A wholesaler purchases widgets for $8 per unit from the manufacturer and sells it to retailers who then sell to consumers. The wholesaler marks up by 20% on the retailer purchase price, while the retailers mark up by 25% on the wholesaler selling price. Here, the retail selling price to the consumer is: O $12.00 O $12.80 All the other 4 answers are correct. $12.50 O $13.33
Home Depot sells a couch for $250.50. The dollar amount of markup on the couch is $95.72. Round all dollar values to two decimal places and percentages to two decimals (i. e 34.56%). a. What is the cost to Home Depot? [1 pt] b. What is the markup on selling percentage? 1pt
Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent. Points are redeemable for $0.20 off future purchases. A customer purchases products (cost of $280) for cash at the usual selling price of $400 and earns 400 points redeemable for $80 off future purchases of goods or services. The retailer expects redemption of 360 points or 90% of points earned. a.) How should the transaction price be allocated among the performance obligation(s)?Note: Round each allocated transaction price in the table below to the nearest dollar. b. Prepare Maximum’s journal entry to record the $400 sale to the customer where the customer earned 400 loyalty points.
Jennings Hardware Store marks up its merchandise by 30%. If a part costs $25.00, which of the following is true? a. The price is $7.50. b. The markup is $32.50. c. The price is $32.50. d. The markup is pure profit. e. All of these choices are correct.
2. An automobile GPS system is sold to stores at a wholesale price of $97. A popular store sells them for $179.99. What is the store's markup? 3. A CD storage rack is sold to stores at a wholesale price of $18. a. If a store has a $13 markup, what is the retail price of the CD rack? b. Find the percent increase of the markup to the nearest percent. 4. A bicycle sells for a retail price of b dollars from an online store. The wholesale price of the bicycle is w. a. Express the markup algebraically. b. Express the percent increase of the markup algebraically. pobiji bai
suppose you are the purchasing manager for a company that manufactures scanners and other computer peripherals. Your vendor for scanner motors is now offe Quantity 1-500 motors 501-1,000 motors 1,001-2,000 motors Net Price 501-1,000 motors. 1,001-2,000 motors $16 16 16 Rebate Shipping none ✓ $1.30 1.90 $1.40 1.00 (a) Calculate the cost of the motors, including shipping charges, for each category (in $). 1-500 motors $ 17.40 $15.70 $14.80 0.70
Computers and More offers discounts to its customers and allows the customer to return the product if not satisfied. Computers and More had sales of $850,000 and offers the customer a payment term of 3/12 n/30. The company received $15,000 in returned goods. The cost of goods sold for the period after returns was $320,000. Calculate net profit and gross profit.
Please help
A purchaser just paid $32,152.94 for a pickup truck. If 47% was the seller's markup, based on the selling price, then what was the cost of the pickup truck? (Round to the nearest whole dollar.) O $15,100 O $15,112 O $17,000 O $17,041
Question/Example: If a company sells a product for $24,000 to another company, and the company that sold the product, identifies that returns are normally 5% or 8% of the selling price. What does this mean exactly? Please explain, thanks.

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Picture It Co. is a retailer of high-end cameras. Typically, the company purchases a camera for $500 and sells it for $900. What is the gross profit on this camera? a. $900 b. $400 c. $450 d. $500