Smith Company has sales revenue of $45,000, cost of goods sold of $28,000, and operating expenses of $12,000 for the year ended December 31. Smith's gross profit is: a. $5,000 b. $17,000 c. $33,000 d. $45,000

Smith Company has sales revenue of $45,000, cost of goods sold of $28,000, and operating expenses of $12,000 for the year ended December 31. Smith's gross profit is: a. $5,000 b. $17,000 c. $33,000 d. $45,000

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: how much should be recorded on December 31 for the gain loss?

A: Explanation of Gain or Loss on Asset Sale:Gain or Loss on Asset Sale is the financial result of…

Q: choose best answer

A: Step 1: Definition of Cost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) represents…

Q: answer

A: Calculate Earnings Per Share (EPS):EPS = Net Income / Weighted-Average Number of Shares…

Q: need help this questions financial accounting

A: Step 1: Definition of Conversion CostConversion cost refers to the total costs incurred to transform…

Q: The company's gross margin percentage is ?

A: Step 1: Definition of Gross Margin PercentageGross Margin Percentage measures the proportion of…

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

A: Below break down the questions step by step. Information Provided:Land Purchase: Dakota Mining…

Q: Need Step by step answer

A: Explanation of Gross Profit:Gross Profit is the amount a company earns from sales after deducting…

Q: Want to this question answer general Accounting

A: Step 1: Define Required Sales Volume for Target ProfitRequired Sales Volume refers to the number of…

Q: Get correct answer with accounting

A: Step 1: Define GoodwillGoodwill can be defined as an intangible asset that is calculated by…

Q: Can you help me with accounting questions

A: Understanding the Accounting Equation The foundation of accounting lies in the accounting equation:…

Q: 9 A B C D E 4 Ramsey Miller Style, Inc. manufactures a product which requires 15 pounds of direct…

A: Step 1: 1. Sales Budget for September, October and November: Ramsey Miller Style Inc. Sales Budget…

Q: What is its DOL? Accounting question

A: Step 1: Definition of Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL)…

Q: Need answer

A: Explanation of Gain or Loss on Disposal: This represents the difference between an asset's selling…

Q: Howuch is the cost per shirt for this job

A: Concept of Direct MaterialsDirect materials refer to the raw materials that are directly used in the…

Q: Answer? ? Financial accounting question

A: Step 1: Define Accounts Receivable TurnoverAccounts Receivable Turnover measures how efficiently a…

Q: Need true answer general accounting

A: Step 1: Define Net Income and Shareholders' EquityNet Income represents the company's total earnings…

Q: choose best answer managerial accounting

A: Solution using the Contribution Margin Ratio ApproachGiven Data:Fixed Costs = $80,000Variable Cost…

Q: Equivalent Units and Related Costs; Cost of Production Report; Entries Dover Chemical Company…

A: First, we need to calculate the equivalent units for direct materials and conversion costs. The…

Q: 4 POINTS

A: Explanation of Fixed Costs: Fixed costs are expenses that remain constant regardless of the level of…

Q: Fixed order quantity model?

A: Given Data:Annual demand, D=60,000Ordering cost, S=30 dollars per orderHolding cost, H=6 dollars per…

Q: Financial accounting

A: Step 1: Definition of Accrued ExpensesAccrued expenses are costs that a company has incurred but has…

Q: hello teacher please solve questions financial accounting

A: Step 1: Definition of DepreciationDepreciation refers to the systematic allocation of the cost of a…

Q: Clermont Industries' operating leverage is 4.7. If the company's sales increase by 15%, its net…

A: Approach to solving the question:Freeform Detailed explanation: Understanding Operating…

Q: Please help with accounting

A: Step 1: Definition of Markup PercentageMarkup percentage is the percentage increase from the cost…

Q: can you please solve this

A: Step 1: Definition of Cash Flow DOLCash Flow Degree of Operating Leverage (DOL) measures how…

Q: Abc general accounting

A: Step 1: Definition of Return on Assets (ROA)Return on assets (ROA) is a financial ratio that…

Q: Required information Use the following information for the Exercises below. (Algo) [The following…

A: Calculation of Net Income:Calculation of Net IncomeParticularsAmount ($)Amount ($)Revenue:…

Q: Branson paid $465,000 cash for all of the outstanding common stock of Wolfpack, Incorporated, on…

A: Part (a): Branson's Entry to Record the Acquisition of the Shares of Its Wolfpack SubsidiaryJournal…

Q: Financial Accounting

A: Step 1: Definition of Material Price VarianceMaterial price variance measures the difference between…

Q: Provide General Accounting Question

A: Concept of Activity-Based Costing (ABC)Activity-Based Costing (ABC) is a method that allocates costs…

Q: Office Haven is an office supply store. Office Haven's revenue in the current year is $950 million,…

A: Explanation of Gross Profit:Gross Profit represents the amount a company earns from its revenue…

Q: None

A: Step 1: Calculate Total Sales Step 2: Calculate Total Variable CostsStep 3: Calculate Contribution…

Q: Correct answer please

A: Step 1: Definition of Total Labor VarianceTotal labor variance is the difference between the actual…

Q: Need help this question solution

A: We have given, Direct materials used: $12Direct labor: $18Variable manufacturing overhead: $25Fixed…

Q: 4 PTS

A: Concept of Management AccountingManagement accounting refers to the process of analyzing,…

Q: Accounting problem with accounting solution

A: Step 1:First, calculate the fair value of net assets acquired: Fair value of net assets = Fair…

Q: What is the firm's debt equity ratio

A: The question requires the determination of the debt-equity ratio. The debt-to-equity (D/E) ratio is…

Q: Find the break even point

A: **Break-Even Formula:** \text{Break-even point (units)} = \frac{\text{Fixed Costs}}{\text{Selling…

Q: How much is the 2020 depreciation expense?

A: Explanation of Depreciation Expense:Depreciation Expense refers to the allocation of an asset's cost…

Q: Given true answer general accounting

A: Step 1: Define Net IncomeNet Income represents a company's total profit after deducting all…

Q: Hi expert please help me this question

A: Step 1: Definition of Gross ProfitGross profit is the amount a company earns from its sales after…

Q: General Accounting

A: Step 1: Define Return on Assets (ROA)Return on Assets (ROA) is a financial ratio that measures a…

Q: Financial accounting rom spring net income last was 275.60 million

A: Step 1: Formulas Price-earnings ratio = Share price/Earnings per shareEarnings per share = Net…

Q: Please give me true answer this financial accounting question

A: Step 1: Define Cost of EquityCost of equity represents the return that investors require for…

Q: Need help this question financial accounting

A: Step 1: Definition of Plantwide Factory Overhead RateThe plantwide factory overhead rate is a single…

Q: General Accounting

A: Let's solve the problem step by step:Given Information for Product A:Setup cost per batch =…

Q: The following data were selected from the records of Fluwars Company for the year ended December 31,…

A: Belw solve this step-by-step using T-accounts for each relevant account. We need to track the…

Q: What is the monthly break even in total dollar sales?

A: Step 1: Definition of Break-even Point in Dollar SalesThe break-even point in dollar sales…

Q: Kindly help me with question solution general Accounting

A: Step 1: Define Net Loss Calculation Based on Sales ProportionNet loss occurs when a company's total…

Q: Please correct answer with accounting question

A: Step 1: Definition of Activity RateThe activity rate is the cost assigned per unit of activity in an…

Question

Don't use ai given answer accounting questions

Smith Company has sales revenue of $45,000, cost of goods sold of $28,000,
and operating expenses of $12,000 for the year ended December 31. Smith's
gross profit is:
a. $5,000
b. $17,000
c. $33,000
d. $45,000

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

Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
Assume Old Oak Winery made Net Sales Revenue of $73,000 and Cost of Goods Sold totaled $50,000. What was Old Oak Winery's gross profit percentage for this period? (Round your answer to the nearest whole percent.) OA. 2.5 times OB. 4% OC. 32% OD. 68%
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%
Gross profit and operating expenses are
Assume Martinez Company has the following reported amounts: Sales revenue $ 610,000, Sales returns and allowances $ 30,000, Cost of goods sold $ 396,500, and Operating expenses $ 84,000. (a) Compute net sales. Net sales (b) Compute gross profit. Gross profit (c) Compute income from operations. Income from operations (d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.) Gross profit rate %24
Assume Juniper Natural Dyes made Net Sales Revenue of $90,000 and Cost of Goods Sold totaled $58,000. What was Juniper Natural Dyes’s gross profit percentage for this period? (Round your answer to the nearest whole percent.) a. 36% b. 3.4 times c. 64% d. 17%
o. Horner Corporation reported net sales of $150.000, cost of goods sold of $96,000, operating expenses of $35,000, other expenses of $10,000, net income of $9,000. Calculate the following values. 1. Profit margin. 2. Gross profit rate.
Brad Gravel Pitt Company has sales of $495,000 and cost of goods sold of $302,000. Selling and administrative costs are $100,000. Taxes are $40,000. a. What is the Choose.. gross profit?
The company's gross profit based on the following is sales $48,000, sales returns and allowances $6,000, operating expenses $6,200, beginning inventory $900, net purchases $9,100, ending inventory $2,300. A. $34,003 B. None of these C. $43,000 D. $34,000 E. $34,300
Accounting. If Indiana ink inc has net sales
The income statement for Gilmore Uniforms shows gross profit of $143,000, operating expenses of $130,000, and cost of goods sold of $219,000. What is the amount of net salesrevenue?a. $362,000b. $492,000c. $273,000d. $349,000
Use the Financial information is presented below to determine the Gross Profit: Operating expenses $ 40,000 Sales revenue 200,000 Cost of goods sold 150,000 a. $160,000.b. $ 40,000.c. $ 50,000.d. $ 10,000.