Sales- 750,000 Sales returns and allowances- 15,000 Sales discounts- 10,000 Purchases- 170,000 Purcase returns and allowances- 20,000 Transportation in - 30,000 Selling expenses- 75,000 General and administrative expenses- 275,000 1. What is the cost of goods sold? 2. What is the net income?

Sales- 750,000 Sales returns and allowances- 15,000 Sales discounts- 10,000 Purchases- 170,000 Purcase returns and allowances- 20,000 Transportation in - 30,000 Selling expenses- 75,000 General and administrative expenses- 275,000 1. What is the cost of goods sold? 2. What is the net income?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: For the next seven (6) items, use the information below: Debit Credit Account Title Sales Sales…

A: Note: Since you have posted a question with multiple sub-parts, we will solve first three subparts…

Q: What is your cost of goods sold?

A: the cost of goods sold (COGS) is the direct cost related to the production of the goods sold by a…

Q: I need help with this problem is there

A: Step 1: Find Total Revenue and Total ExpensesTotal Revenue = SalesTotal Revenue = $10,000 Total…

Q: Compute the missing amounts in the separate (partial) income statements A, B, and C. Sales Sales…

A: Net sales is the amount which is calculated by deducting the sales discount, sales returns and sales…

Q: Sales Sales Revenue Less Sales Discounts Net Sales Cost of Goods Sold Gross Profit Operating…

A: Income Statement - Income Statement includes Revenue earned and Expenses incurred during the…

Q: Sales Sales Revenue Less : Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold…

A: Gross profit from the trading account is taken to the credit side of this account along with other…

Q: Please solve the following question. Using the accounts below, prepare a basic Income Statement. All…

A: Income statement, balance sheet, stockholders' equity and cash flow statement.. These are called as…

Q: Given the following facts: Revenues Cost of goods sold Selling, general, and administrative expenses…

A: Comprehensive income plays a vital role in effectively communicating a company's financial…

Q: Sales Rs= 10,000, Gross Profit Rs= 3,000, Cost of Goods Sold Rs=? Gross profit Rs= 5,000, Gross…

A: Sales means the net revenue to be received from sale of goods or services. Cost of goods sold means…

Q: Additional information: ROSO COMPANY INCOME STATEMENT Instructions FOR THE YEAR ENDED DECEMBER 31,…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: The details of a Retail Merchandise business are: Sales revenues are RO 80,000 cost of goods sold is…

A: Net Profit = Total revenue - Total expenses

Q: Cost of goods sold $216,128 Rent expense $34,000 Freight-out 6,000 Sales discounts 8,000 Insurance…

A: Formula: Net income = Total revenues - Total expenses

Q: Looking for an expert Accounting Tutor thank you TIPS: 1. Get the Cost of Goods Sold (COGS) -…

A: Single step income statement shows all incomes and expenses in the business and at the end it shows…

Q: Required information [The following information applies to the questions displayed below.] The…

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

Q: Sales 32097 Less : Cost of goods sold 55309 Gross margin -23212 Operating expenses Rent expense 3550…

A: Gross profit rate= Gross profit/ Net sales *100 Net profit rate = Net profit/ Net sales *100…

Q: come ement Sotemetet Conow Everh A td | isen ho ch ecemte Operoting Non Com

A: The income statement is prepared to find net income or losses incurred during the period.

Q: Compute the following transactions using multi-step income statement 2. Calculate Sales Returns and…

A: Financial statement means the statement including income statement , balance sheet , cash flow…

Q: Calculate the missing information based on the format of the income statement. Net Sales Cost of…

A: An income statement is one of the financial statements of a company prepared at the end of the…

Q: Calculate the missing amounts. Sales Cost of goods sold Gross profit Operating expenses Income from…

A: INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…

Q: During the current year, merchandise is sold for $591,000. The cost of the goods sold is $366,420.…

A: Gross profit percentage is calculated by dividing gross profit by sales. Gross profit is the…

Q: Sales Accounts payable Selling expenses Administrative expenses Other revenues Cost of goods sold…

A: Introduction: Gross profit: Deduction of Cost of goods sold value from the Sales revenue derives the…

Q: Calculate the missing information based on the format of the income statement. Net Sales Cost of…

A: Net income: Net income is the revenue of the company after deducting all the expenses and taxes. It…

Q: 7YReferring to the following table, what is Net sales revenue? Sales revenue $460,000| Cost of goods…

A: Formula: Net sales revenue = Sales revenue - Sales discounts - Sales returns and allowances

Q: HOW MUCH IS THE COST OF GOODS SOLD? 2. HOW MUCH IS THE COST OF GOODS AVAILABLE FOR SALE? 3. HOW MUCH…

A: Net purchases = Purchases - Purchase return = 200,000 - 10,000 = 190,000

Q: Based on the following information, calculate the amounts that would appear on a ultiple-step income…

A: Income statement: Income statement is the financial statement which shows the financial performace…

Q: XYZ company provided the following information: Sales Accounts payable Seling expenses…

A: Formula: Gross profit = Sales - Cost of Goods sold

Q: Please complete the balance sheet using the ratios that have been provided below.

A: Information Provided: Sales = $4,000,000 Gross profit margin = 25% Days sales outstanding = 45 days…

Q: Use the following to calculate the general and administrative expenses.

A: General and administrative expenses include the expenses related to the general services of the…

Q: Financial information is presented below: Operating Expenses Sales Returns and Allowances Sales…

A: INCOME STATEMENTIncome Statement is one of the Important Financial Statements of the Company. Income…

Q: I. Given the following information below, answer the question asked. COPY AND ANSWER. Php 6,000,000…

A: Hi student Since there are multiple subparts, we will answer only first three subparts. Operating…

Q: I want correct answer

A: To calculate the company's gross profit, we need to use the formula: Gross Profit=Net Sales−Cost of…

Q: Follow Accrual method Cost of Goods Sold $ 164,000 Income Tax Expense 17,470 Merchandise Sales…

A: Cost of goods sold is the actual cost of goods that are being sold to the customers. Gross profit is…

Q: Given the following information: Dividend Revenue Income tax expense Sales Returns and Allowances…

A: The income statement is one of the financial statements of the business. It tells about the…

Q: Here are some data from Kamila Company's financial statements. Compute Kamila's NET INCOME. Cost of…

A: Gross profit=Sales-Cost of goods soldNet income=Income before tax-Income tax expense

Q: GIVEN: The balances of accounts of Super Grocery Store for December 31, 2018. The balances are as…

Q: Number of units sold Selling price per unit Variable selling expense per unit Variable…

A: Lets understand the basicsThe income statement records the revenue and expenses for the current…

Q: XYZ company provided the following information: Sales Accounts payatle Selling expenses…

A: Lets define the both the terms. Gross profit is a profit which earns from the normal business…

Q: Sales revenue - Cost of goods sold = Gross profit - General, sales, and administrative expenses -…

A: The objective of the question is to verify the given financial statement calculations and ensure…

Q: Calculate the missing information based on the format of the income statement. Operating Expenses…

A: The income statement is prepared by the management to identify the performance of the business. It…

Q: Using the followlng Information, answer the questions. Net sales $198,000 Purchases 92,000 Purchases…

A: Cost of goods sold means total cost incurred on goods that are being sold by the business in the…

Q: GIVE PROPER EXPLANATION OF COST OF GOODS AND GROSS MARGIN. YOU MADE A SALE FOR $588,000. THE…

A: If you make a sale for $588,000 and the gross margin is 61%, we need to solve for what the cost of…

Q: Cost of Goods Sold (Purchases + Production cost is ) RM______________. The gross pofit is…

A: Hi student Since there are multiple subparts, we will answer only first three subparts. Cost of…

Q: Financial information is presented below: Operating Expenses Sales Returns and Allowances Sales…

A: Gross ProfitGross profit is the profit the company earns before the deduction of operating…

Q: find costs of goods sold and operating expenses with the following information? Net Income (Net…

A: Costs of goods sold = Sales - Gross Profit Operating expenses = Gross Profit - Net Income

Question

Sales- 750,000

Sales returns and allowances- 15,000

Sales discounts- 10,000

Purchases- 170,000

Purcase returns and allowances- 20,000

Transportation in - 30,000

Selling expenses- 75,000

General and administrative expenses- 275,000

1. What is the cost of goods sold?

2. What is the net income?

Please show solutions.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

What is the amount of sales under cash basis? What is the amount of purchases under cash basis? What is the cost of goods sold under cash basis? What is the amount of depreciation under cash basis? What is the net income under cash basis?
Financial Information for the Diaz Corp. is presented below: Operating expenses-45000 sales returns and allowances-4000 Allowance for doubtful accounts-300 sales discounts-7000 purchase allowances-14000 sales revenue-150000 cost of goods sold-96000 What amount of net sales should be reported on the company's income statement?
Required:a) Compute the times-interest earned and give the interpretation.b) Compute the fixed charge coverage and give the interpretation.
Fill in the missing amounts. Sales revenue Sales returns and allowances (a) Net sales Cost of goods sold Gross profit Operating expenses Net income (b) (c) Pharoah Company $102,000 97,000 65,960 16,490 (d) $ (e) (f) Wildhorse Company 6,200 118,000 40,120 20,060
Financial information is presented below: Operating Expenses $56000 Sales Revenue Cost of Goods Sold Gross profit would be $48000. $238000. $182000. $104000. 238000 134000
Compute the following transactions using multi-step income statement 3. Calculate Sales and Net Sales if, Sales Returns and Allowances are Php 25,000,Sales Discounts are Php 15,000, Cost of Merchandise Sold is Php 620,000 and GrossProfit is Php 185,000.
Using the accounts and amounts below, calculate Net Sales: Account Amount Sales Revenue $142,055 Purchase Discounts 1,886 Sales Discounts Sales Returns and Allowances 2,881 2,515 Cost of Goods Sold 40,889
Please do not give image format
Prepare Income statement Sales Accounts payable Selling expenses Administrative expenses Other revenues Cost of goods sold Cash Other expenses $30,000 3,000 4,000 5,500 10,000 13,500 12,000 7,000