No work required Salamagundi, Inc. has the following Income Statement (in millions):SALAMAGUNDI, INC.Income StatementFor the Year Ended December 31, 2021Net Sales$1600670Cost of Goods SoldGross Profit40$ 30Operating ExpensesNet IncomeThe gross profit rate (gross margin) would beO A.60%O B.56.3%C.100%OD.43.8% Hardin Park Company had these transactions pertaining to stock investmentsFeb. 1 Purchased 5,000 shares of Raley Company (10%) for $89,000 cash.June 1Received cash dividends of $1 per share on Raley stock.Oct. 1Sold 2,000 shares of Raley stock for $39,000.Received cash dividends of $2 per share on Raley stock.Dec. 1The entry to record the receipt of the dividends Dec. 1 would include aO 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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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

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...

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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%

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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