Answered: Question: Financial Accounting…

Question: Financial Accounting Evergreen Industries reported sales $600,000, cost of goods sold $420,000, and operating expenses $90,000. Calculate the operating profit margin 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 accounting questions

A: Step 1: Define Pension LiabilityThe pension liability that the sponsor of a defined benefit pension…

Q: CALCULATE PER

A: Steps and explanations are as follows:In case of any doubt, please let me know. Thank you.

Q: Financial accounting

A: Step 1: Define Cash Receipts & DisbursementsCash receipts include all the transactions that…

Q: ? Correct answer

A: Explanation of Neutrality Principle:The neutrality principle in accounting ensures that financial…

Q: Provide this question solution general accounting

A: Step 1: Analyze the ChangesInventory: Increased by $1,100 ($123,500 - $122,400). This means the…

Q: Provide solution for the financial accounting Problem

A: Explanation of Deposit Rate:The deposit rate is the percentage of the total contract value that must…

Q: Need help

A: The problem requires the determination of the return on equity. Return on equity (ROE) is a measure…

Q: I want to correct answer accounting

A: Step 1: Define Payout Ratio And Return On AssetsPayout Ratio And Return On Assets are financial…

Q: Given answer financial account

A: Step 1: Define Common StockThe shares of common stock are issued by a company to raise capital from…

Q: Answer please

A: Step 1:Total Waste cost will be the sum of the defective bottle costs and damaged label costs. Step…

Q: Q-financial accounting find cpu

A: Explanation of Volume Discount:A volume discount is a price reduction offered by a seller when a…

Q: MCQ TYPE QUESTION

A: Explanation of Right-of-Use (ROU) AssetA Right-of-Use (ROU) asset represents the lessee's right to…

Q: ?? Right Answer of this Accounting Problem

A: Explanation of Direct Materials:Direct materials are the physical raw materials that can be directly…

Q: Ans

A: Explanation of Physical Inventory Count: A physical inventory count is the actual counting of…

Q: Need answer with this accounting question

A: Step 1: Define Fixed Manufacturing OverheadUnder absorption costing, we consider the fixed…

Q: In its first year of operations a company produced and sold 70,000 units of Product A at a selling…

A: Step 1:First allocate the manufacturing overhead to product A and B using the ABC costing system:…

Q: Provide this question solution general accounting

A: Step 1: Define Debt to Equity RatioThe debt to equity ratio is the proportion of equity and debt…

Q: Deemer Corporation has an activity-based costing system with three activity cost pools--Processing,…

A: Step 1: Allocate Costs to Activity Cost PoolsWe distribute the Equipment Expense and Indirect Labor…

Q: I need answer of this question solution general accounting

A: Step 1: The present value of the note is equal to the multiplication of the Present value of the…

Q: Please need help answer this accounting question

A: Step 1: Define Direct MaterialDirect material cost refers to the raw material expenses which have…

Q: Stockholder Ratios Financial statements for Steele Inc. follow. Steele Inc. Consolidated…

A: 1. Earnings Per Share (EPS): - Formula: (Net Income - Preferred Dividends) / Average Common Shares…

Q: I need answer of this question solution general accounting

A: Step 1: Define Return RatiosThe most prominent ratios that are calculated and analyzed in the return…

Q: I need answer of this question solution general accounting

A: Step 1: Define Desired ProfitIn the context of accounting and finance, the desired profit for the…

Q: I need answer of this question solution general accounting

A: Step 1:Define Shareholders EquityAfter deducting all the liabilities of a company from the assets,…

Q: Answer in step by step with explanation. Don't use Ai.

A: Hello student! To determine the budgeted cash collections and cash payments, we must focus on the…

Q: Expert please help

A: Detailed explanation: Prudence Convention: • This accounting principle involves considerable care in…

Q: Give me answer Accounting

A: Step 1: Operating income is higher or lower if the company makes the part can be calculated by…

Q: Provide correct answer the accounting question

A: Given information:- Debt ratio = 30% (therefore Equity ratio = 70%)- Cost of debt = 9%- Return on…

Q: Hart company made 3,000 book...accounting

A: Hello student! Variances typically refer to the difference between actual costs and standard costs…

Q: Please help me with this problem

A: Step 1: Step 2: Step 3: Step 4:

Q: Please given answer Accounting

A: Explanation: Predetermined overhead rate for assembly based on direct labor hours can be calculated…

Q: ni.2

A: The Average Accounting Return (AAR) is calculated using the formula: AAR=Average InvestmentAverage…

Q: Clemente Inc. incurs the following costs to produce 10,000 units of a subcomponent: please provide…

A: Step 1: Define Opportunity CostIn a make-or-by decision, the relevant opportunity cost can include…

Q: General accounting vii

A: Definitions 1. Debt Issuance Costs:Debt issuance costs, also known as bond issuance costs, are fees…

Q: What is the sales volume variance for total revenue on these accounting question?

A: Step 1:The sales volume variance is calculated as follows: Sales volume variance = (Actual sales…

Q: Don't use ai to answer I will report you answer.

A: Step 1:Calculation of AFN: 3 parts need to be calculated:Part 1: Increase in total assetsPart 2:…

Q: Paige...accounting question

A: Step 1: Define Plant ExpansionPlant expansion involves acquiring equipment and machinery by a…

Q: Solve the problem

A: Explanation of Petty Cash Fund:A petty cash fund is a small reserve of cash set aside by a business…

Q: Get correct answer accounting

A: Step 1: Determine the total sales value of each productStep 2: Allocate the lump-sum acquisition…

Q: Using the following information.accounting questions

A: Step 1: Calculate Net SalesStep 2: Calculate Cost of Goods Sold (COGS)Step 3: Calculate Gross Profit

Q: I need answer of this question accounting

A: Step 1: Define Gross MarginGross margin or gross profit is the difference between sales and direct…

Q: Hello tutor please provide answer the accounting question

A: We are using the formula for the expected return on equity after leveraging:Re=R0+ED⋅(R0−Rd)…

Q: What is the firm's accounts receivable balance based on a 365- day year on these accounting…

A: Step 1: Define Accounts ReceivableAccounts receivable is an accounting term that describes the…

Q: What would be Rally s share price? Financial accounting

A: To find Rally's share price without the leverage increase.Given:- Total assets = $25 billion- Number…

Q: Hello tutor please solve this question general accounting

A: Step 1: Define Profit and LossThe amount at which a material is acquired by a seller is called the…

Q: Financial Accounting Question please answer

A: Step 1: Introduction to the Work in progressWork in process describes the value of labor, raw…

Q: DOL : FINANCIAL ACCOUNTING 4 MARKS

A: Explanation of Fixed Costs: Fixed costs are expenses that remain constant regardless of a company's…

Q: In 2017, Sunny Times Corp. makes the following purchases of solar panels, its only product. Assume…

A: Last-in, first-out (LIFO), and perpetual: The last purchased inventory is sold first under the LIFO…

Q: Can you please give me correct solution these accounting question?

A: Step 1: Define Operating Cash FlowCash flow statements track the movement of money in and out of the…

Q: Hello tutor provide answer this accounting question not use ai

A: Step 1:Standard rate is the rate which a company assumed to be incur on production.Standard cost…

Question

100%

Calculate the OPM

Question: Financial Accounting
Evergreen Industries reported sales $600,000,
cost of goods sold $420,000, and operating
expenses $90,000. Calculate the operating
profit margin 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
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
What is the net income from the following statement?
GP ℅ FOR THIS PERIOD?
a. Prepare a common-sized income statement comparing the results of operations for Dawg Electronics Company with the industry average. If required, round percentages to one decimal place. Dawg Electronics Company Common-Sized Income Statement Dawg Electronics Dawg Electronics Electronics Industry Company Amount Company Percent Average Sales $3,750,000 100.0 % 100.0% Cost of goods sold (2,062,500) 550.0 % (61.0)% Gross profit $1,687,500 45.0 % 39.0% Selling expenses $(1,125,000) 0.3 % (23.0)% Administrative expenses (262,500) 0.7 % (10.0)% Total operating expenses $(1,387,500) 37.0 % (33.0)% Operating income $300,000 8.0 % 6.0% Other revenue and expense: Other revenue 15,000 0.4 % 3.0% Other expense (3,750) 0.1 % (1.0)% Income before income tax $311,250 8.3 % 8.0% Income tax expense (93,750) 25 % (2.5)% Net income $217,500 5.8 % 5.5%
Edison Company reported the following for the current year: $ 84,000 59,000 21,080 63,000 77,080 Net sales Cost of goods sold Net income Beginning balance of total assets Ending balance of total assets Compute (a) profit margin and (b) return on total assets. Complete this question by entering your answers in the tabs below. Profit Margin Ratio Compute the return on total assets. Return On Total Assets Numerator: 7 7 7 Return On Total Assets Denominator: = Return On Total Assets Return on total assets II =
NEED ANSWER WITH EXPLANATION
For the fiscal year, sales were $191,350,000 and the cost of merchandise sold was $114,800,000.a. What was the amount of gross profit?b. If total operating expenses were $18,250,000, could you determine net income?c. Is Customer Refunds Payable an asset, liability, or owner’s equity account, and what is its normal balance?d. Is Estimated Returns Inventory an asset, liability, or owner’s equity account, and what is its normal balance?
Sarasota Corp. reported net sales S 600,000, cost of goods sold $ 336,000, operating expenses $ 160,000, and net income S 63,600. Calculate the profit margin ay (Round Profit margin answer to
salamagundi, inc. has the following income statement: For the year ended December 31, 2021 net sales: $160 Cost of goods sold: $100 gross profit: $60 Operating expenses: $40 Net income: $20 Using vertical analysis, what percentage is assigned to operating expenses? a. 25% b. 40% c. 66.7% d. 200%