QUESTION 14Random Rotailers, Inc.'s income statoment for the year ended December 31, 2015, included the folowing accounts:Sales..Cost of goods sold.Selling expenses (total.General and administrative expenses.$100,000,000$36,000,000$10,000,000$25,000,000Income tax expense...$5,500,000What was the gross profit ratio for the year-ended December 31, 20X5?Oa 25.0%Ob.36.0%O. 64.0%Od. 40.0%QUESTION 15XYZ Co. extemal auditor rendered an opinion on the financial statements which stated that, in the opinion of the auditor, the financial statementsand related disclosures fairly presented financial information in all material renpects fairly in terms of U.S. GAAP except for the fact that an assetthat should have been reported at original historical cost wos reported at its higher tair market value as of the date of the preparation of thestatement of financial position. This is an example of a (an)On Qualifed opinion.Ob Disclaimer opinion.Adverse opinion.Unqualified (unmodified) opinion.

The first question is answered for you. Please resubmit specifying the question number you want…

Answered: What was the gro6s profit ratio for the…

Business

Accounting

What was the gro6s profit ratio for the year-ended December 31, 20XS?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Diaz Fresh discloses the following annual data. For Year Ended December 31 2020 2021 Sales revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $160,000 $240,000 Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 120,000 Its cost of goods sold is based on inventories valued at cost. Assume for each year that all of the beginning inven- tory is sold by year end. Additional information regarding its inventories follows. Inventory LIFO Cost Market January 1, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,000 $16,000 December 31, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000 18,000 December 31, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,000 20,000 Required a. Prepare the entries to apply the lower-of-cost-or-market rule at December 31, 2020, and 2021. Use an allow- ance account to reduce…
16 )
If the sales this year amounted to P276,000, sales this year at last year's prices is P230,000, the cost of sales this year is P190,000, and the cost of sales this year at last year's price is P180,000. How much is the gross profit variation due to sales quantity factor? *
Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021-2015 ($ thousands) Sales 2021 Cost of goods sold $ 1,769 1,271 2020 $ 1,549 2019 2018 2017 2016 2015 $ 1,410 $ 1,292 $ 1,206 $ 1,121 $ 919 1,034 889 778 723 676 539 Gross profit 498 515 521 514 483 445 380 Operating expenses Net income 377 295 271 200 173 171 142 $ 121 $ 220 $ 250 $ 314 $ 310 $ 274 $ 238 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 ($ thousands) Assets Cash Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net Total assets Liabilities and Equity 2021 2020 2019 2018 2017 2016 2015 $ 108 773 $ 142 812 $ 148 735 2,797 2,036 1,779 $ 151 564 1,499 $ 157 496 $ 155 $ 160 470 332 1,346 1,144 829 72 65 40 71 60 61 32 e B 220 220 220 220 3,422 3,409 2,982 1,683 $ 7,172 $ 6,464 $ 5,684 $ 4,188 $ 4,019 1,740 1,546 $ 3,596 $ 2,900 1,327 Current liabilities…
A4)
During the year, an entity had net purchases of P100. If inventories had a net decrease of P20 during the year, the cost of goods sold is P120.
You are provided with the following data: inventory - to -sale conversion period = 100days Sale - to - cash conversionperiod = 46 days Purchase - to -payment conversion period30 days What is the operatingcycle?
! Required information Use the following information for the Quick Studies below. (Algo) ($ thousands) Net sales Current Year $ 803,470 394,775 Prior Year $ 455,095 135,878 Cost of goods sold QS 17-7 (Algo) Trend percents LO P1 Determine the Prior Year and Current Year trend percents for net sales using the Prior Year as the base year. (Enter the answers in thousands of dollars.) Current Year: Prior Year: Numerator: Trend Percent for Net Sales: 1 1 1 1 Denominator: = = = Trend Percent 0 % 0 %
The following information relates to a company for two periods: year 1; profit- GHC131250, sales- GHC1375000; year 2; profit- 225000, sales- GHC1750000. What is the sales level to earn a profit of GHC262500? O A. GHC2000000 OB. GHC1500000 OC. GHC1900000 D. GHC1000000
For 2021, Hamilton Company had Sales of $5,700,000 and Cost of Goods Sold of $3,600,000. For 2020, Hamilton Company had Sales of $4,800,000 and Cost of Goods Sold of $2,900,000. a. What was the Cost of Goods Sold as a percent of Sales for 2021? b. What was the Cost of Goods Sold as a percent of Sales for 2020? c. Did Hamilton show improvement from 2020 to 2021? d. Is this an example of horizontal or vertical analysis?
Which year performered best ?
Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit Credit $ 79,000 48,000 29,000 0 12,000 4,000 $ 9,200 12,200 40,000 82,000 197,600 107,000 27,000 35,000 $ 341,000 $ 341,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,100 direct materials to Job 402. $ 7,400 direct materials…