!Required information[The following information applies to the questions displayed below.]The following data were provided by Mystery Incorporated for the year ended December 31:$ 175,00020,700260,00046,00020,0007,65044,200Cost of Goods SoldIncome Tax ExpenseMerchandise Sales (gross revenue) for CashMerchandise Sales (gross revenue) on CreditOffice ExpenseSales Returns and AllowancesSalaries and Wages Expense2-a. What was the dollar amount of gross profit?2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.)2-a. Gross Profit2-b. Gross Profit PercentaEX:This is a numeric cell, soplease enter numbers only.

The gross profit ratio is calculated by dividing gross profit by sales. It indicates the profit…

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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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Computing Net Sales Based on the following information, compute net sales. Gross sales $3,780 Sales returns and allowances 410 Sales discounts 80 Net sales:
Accounting question in image
Using the following information, what is the amount of net income? Purchases $25,987 Selling expenses $693 Merchandise inventory, September 1 7,575 Merchandise inventory, September 30 8,525 Administrative expenses 955 Sales 50,914 Rent revenue 1,194 Interest expense 848 a.$17,000b.$26,271c.$24,575d.$33,100
Perform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown below (as a %). (Round to nearest tenth.) *Chart is attached with the information*
Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small retail business. Sales $120,700 Sales returns and allowances 810 Sales discounts 680 Merchandise inventory, January 1 34,800 Purchases during the period 77,000 Purchases returns and allowances during the period 3,840 Purchases discounts taken during the period 2,310 Freight-in on merchandise purchased during the period 1,390 Merchandise inventory, December 31 31,500 Determine the gross profit.
Help me only with question b) Financial statements: Income Statement For the Month Ended October 31, 2021 Revenue Sales 5,600 Less: Cost of Goods Sold Purchases Less: Purchase Return Inventory, October 31, 2021 5,400 (250) (320) (4,830) Gross Profit 770 Rent Revenue 800 Total Revenue 1,570 Expenses: Repairs Expense Wages Expense Rent Expense 110 820 850 (1,780) Net Income (Loss) (210) Statement of Financial Position October 31, 2021 ASSETS Current Assets Cash Cash in Bank Accounts Receivable Inventory, October 31, 2021 Total Current Assets 7,340 8,030 150 320 15,840 Non-Current Assets Office Equipment Flat Car Total Non-Current Assets 2,700 45,000 12,000 59,700 TOTAL ASSETS 75,540 TOTAL LIABILITIES AND OWNER'S EQUITY Liabilities: Accounts Payable…
Subject: acounting
Using the information below, calculate Gross Profit: Sales Revenue $5,000 Sales Discounts $664 Sales Returns and Allowances $357 Cost of Goods Sold $1,306 Inventory $1,451
Using the following information, what is the amount of net income? Purchases $ 25,599 Selling expenses $ 838 Merchandise inventory, September 1 6,382 Merchandise inventory, September 30 11,356 Administrative expenses 765 Sales 47,294 Rent revenue 908 Interest expense 1,144 O a. $27,118 Ob. $24,830 Oc. S18,448 Od. S36,186
Record the following selected transactions: a. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the goods sold was $510. b. Paid $436 to the state sales tax department for taxes collected. Required: Journalize the entries. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522…
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