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SALAMAGUNDI, INC. Income Statement For the Year Ended December 31, 2021 Net Sales $160 Cost of Goods Sold 90 Gross Profit Operating Expenses Net Income 40 $ 30 The gross profit rate (gross margin) would be

SALAMAGUNDI, INC. Income Statement For the Year Ended December 31, 2021 Net Sales $160 Cost of Goods Sold 90 Gross Profit Operating Expenses Net Income 40 $ 30 The gross profit rate (gross margin) would be

FINANCIAL ACCOUNTING
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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Salamagundi, Inc. has the following Income Statement (in millions): SALAMAGUNDI, INC. Income Statement For the Year Ended December 31, 2021 Net Sales $160 06 70 Cost of Goods Sold Gross Profit 40 $ 30 Operating Expenses Net Income The gross profit rate (gross margin) would be O A. 60% O B. 56.3% C. 100% OD. 43.8%
Transcribed Image Text:Salamagundi, Inc. has the following Income Statement (in millions): SALAMAGUNDI, INC. Income Statement For the Year Ended December 31, 2021 Net Sales $160 06 70 Cost of Goods Sold Gross Profit 40 $ 30 Operating Expenses Net Income The gross profit rate (gross margin) would be O A. 60% O B. 56.3% C. 100% OD. 43.8%
Hardin Park Company had these transactions pertaining to stock investments Feb. 1 Purchased 5,000 shares of Raley Company (10%) for $89,000 cash. June 1 Received cash dividends of $1 per share on Raley stock. Oct. 1 Sold 2,000 shares of Raley stock for $39,000. Received cash dividends of $2 per share on Raley stock. Dec. 1 The entry to record the receipt of the dividends Dec. 1 would include a O A. credit to Dividend Revenue of $6,000. O B. credit to the Stock Investments of $6,000. O C. debit to Dividend Revenue of $6,000. O D. debit to Stock Investments of $6,000
Transcribed Image Text:Hardin Park Company had these transactions pertaining to stock investments Feb. 1 Purchased 5,000 shares of Raley Company (10%) for $89,000 cash. June 1 Received cash dividends of $1 per share on Raley stock. Oct. 1 Sold 2,000 shares of Raley stock for $39,000. Received cash dividends of $2 per share on Raley stock. Dec. 1 The entry to record the receipt of the dividends Dec. 1 would include a O A. credit to Dividend Revenue of $6,000. O B. credit to the Stock Investments of $6,000. O C. debit to Dividend Revenue of $6,000. O D. debit to Stock Investments of $6,000
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