Answered: Suppose Austin Sound had sales of…

Suppose Austin Sound had sales of $300,000 and sales returns of $45,000. Cost of goods sold was $152,000. How much gross profit did Austin Sound report? a. $148,000 b. $103,000 c. $255,000 d. $88,000

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: If you give me wrong answer, I will give you unhelpful rate

A: Step 1: Understanding the Problem:We're given:FCF1 (Free Cash Flow in year 1) = $150,000Growth rate…

Q: not use ai please

A: Step 1:For the preparation of journal entries first we need to calculate total cost of goods…

Q: Need answer the question

A: The problem requires the determination of the cash flow to stockholders. Cash flow to stockholders…

Q: 20.A taxpayer certificate of deposit that was set to mature the end of next year is needed for a…

A: In this scenario, a taxpayer has a certificate of deposit (CD) that was set to mature at the end of…

Q: The net income reported on the income statement for the current year was $ 3 1 0 , 0 0 0 .…

A: Net income represents the profit of the company after all expenses have been deducted from revenue.…

Q: None

A: To find the cash flow to stockholders, we'll use the cash flow identity formula.Cash Flow Identity:…

Q: Questions How would you assess the evolution of the capital structure of LGI? Reflecting on your…

A: Approach to solving the question: Step 1: Evolution of LGI's Capital Structure and Risk Exposure:…

Q: Hi expart Provide correct answer

A: Step 1: Define Pre-determined OH RateThe predetermined manufacturing overhead rate is calculated by…

Q: During an internal audit of a non-profit organization, it is found that there is a lack of clear…

A: The problem here is the lack of clear policies for donor fund management in a non-profit…

Q: Provide correct solution

A: Step 1: Define Inventory Valuation MethodsInventory valuation techniques include First In, First Out…

Q: If you give me wrong answer, I will give you unhelpful rate

A: Step 1: Define External FinancingThe need to raise capital from external sources arises when the…

Q: Want accurate answer

A: Approach to solving the question:Understanding and Analysis Detailed explanation: To calculate the…

Q: Which of these is NOT a type of audit engagement? OA. Financial Audit OB. Compliance Audit OC.…

A: An audit engagement refers to an arrangement that an auditor has with a client to perform an audit…

Q: Need only correct answer

A: 1. ABC Manufacturing (2023):Sales: $150,000Beginning Assets: $300,000Ending Assets: $400,000Net…

Q: -account balance For each of the following T-accounts, compute the ending balance. Accounts…

A: Step 1: Introduction to accountingThe process of recording, classifying, and compiling a company's…

Q: To produce power a sugar mill burns 75kt of bagasse per year derived from 250kt of sugar cane input.…

A: The updated charts illustrate:1. Short-Run Average Abatement Cost Histogram:This histogram shows the…

Q: get answer please

A: Given:Selling price per unit: $130Variable expenses per unit: $78Contribution margin per unit: $52…

Q: Selected accounts of Nash Company are as follows. Beg. Bal. 10/15 10/31 10/31 10/17 10/31 10/31…

A: Step 1:Journal entries are recorded in the primary books of accounts which are called day book or…

Q: None

A: Step 1:Return on equity can be calculated by using following formula= Profit margin ratio*asset…

Q: I want to correct answer

A: Step 1:Payable deferred period is the time between the actual purchase and amount paid for credit…

Q: Need answer the question don't use ai

A: Step 1: Define Manufacturing overheadManufacturers' overheads are indirect; hence they are a settled…

Q: Need answer

A: Step 1: The calculation of the conversion premium of bond Given:Conversion Price = $60Current…

Q: not use ai please

A: Approach to solving the question: Detailed explanation: To find the minimum price where the company…

Q: i want answer please tutor provide answer !! Thank You

A: Step 1: Definition of Profit Margin:Profit margin is a financial ratio that can be calculated for…

Q: Please help don't use ai

A: Approach to solving the question: Operating Cash Flow Detailed explanation: Examples: Key…

Q: Solve this question

A: Step-by-Step Explanation:This problem involves a company (Brody Corp.) that uses a **process costing…

Q: None

A: August 2: Investment of Cash and Equipment into the BusinessOn August 2, the business owner invested…

Q: The following information is provided for Oceanic Ventures and Pinnacle Holdings: Oceanic Ventures…

A: Explanation of Net IncomeNet income is the total profit a company makes after subtracting all…

Q: Solve the problem

A: QLX Technologies Preferred Stock PriceUnderstanding the Problem:We're given the par value, dividend…

Q: 1 New Exercise Bank Content Qu. 01-08 Paste Font Alignment Number Format as Cell Styles 14.28 points…

A: 1. Define the variables:Selling Price (Revenue per unit): R = 400 Variable Cost per unit: (VC = 320…

Q: Don't use chatgpt.... Saxon Ltd is a newly started company in the clothing sector in Ceeland. Over…

A: Further Explanation of the Cash Flow Crisis in Saxon Ltd.The cash flow crisis at Saxon Ltd has…

Q: Give correct answer

A: Step 1: Define Return on Common Stockholders' EquityThe return on common stockholders' equity is a…

Q: A retail company's internal audit has revealed that the current stock management system is…

A: The problem here is that the retail company's current stock management system is inefficient,…

Q: provide solution

A: Step 1: Definition of Total Assets Turnover:The total assets turnover ratio is the ratio of the…

Q: need answer as per required

A: Step 1: Definition of Operating Assets:The average operating assets are considered in ratio analysis…

Q: None

A: 1. Disclosure Costs Associated with Financial Accounting Informationa. Information Collection,…

Q: cary's carpet cleaning inc purchased $10,000 of carpet cleaning equipment paying $2,000 cash and…

A: The first transaction is the purchase of carpet cleaning equipment worth $10,000, of which $2,000 is…

Q: The esposito import company had 1 million shares of common stock outstanding during 2024. its income…

A: The Earnings Per Share (EPS) is calculated by dividing the net income by the number of outstanding…

Q: get answ

A: Definition of Contribution Margin Analysis:The contribution margin analysis for a firm involves the…

Q: I want to correct answer

A: Step 1: Introduction to the Operating cash flowThe amount of funds produces by a firm throughout…

Q: not use ai please

A: CVP; Taxes 1. Calculate the total variable cost per unit:The total variable cost per unit is the sum…

Q: The Houston Textile Company (HTC) has the following inventory data for the year 2023 (stated in…

A: o solve the problem, we need to calculate the Cost of Goods Sold (COGS) using the formula:Cost of…

Q: On its 2019 balance sheet, Barngrover Books showed $510 million of retained earnings, and exactly…

A: Retained earnings are the portion of a company's net income which is kept by the company instead of…

Q: What is Net sales revenue?

A: Step 1: Define Net SalesNet sale is the value that is used in the income statement from which all…

Q: Casey Na's average workweek during the first quarter of the year (13 weeks) was 44 hours. As part of…

A: Step 1: Annual bonus amount = $962 Number of weeks in a year = 52 weeks Weekly bonus amount = Annual…

Q: Don't use Ai

A: Step 1:Calculations for First Quarter :ParticularsAmountEstimated Annual Earnings$1,350,000Add:…

Q: What was the company's debt-to-equity ratio?

A: Step 1: Define Earning Before Interest and Tax (EBIT)EBIT is a valuable measure that depicts an…

Q: Mason Company has two manufacturing departments -Machining and Assembly. The company considers all…

A: To solve this problem, we need to calculate the manufacturing overhead costs applied to Jobs A and B…

Q: Oceanic Shipping Co. had sales revenue of $180,000,000, cost of goods sold of $80,000,000, sales and…

A: Approach to solving the question:The correct answer is none of the choices which is 107.44 million,…

Q: In Phoenix Works, for the year 2024, what is the cost of goods manufactured if the beginning work in…

A: Computation of the cost of goods sold is as follows:Computation of Cost of Goods ManufacturedWork in…

Question

Need help

Suppose Austin Sound had sales of $300,000 and
sales returns of $45,000. Cost of goods sold was
$152,000. How much gross profit did Austin
Sound report?
a. $148,000
b. $103,000
c. $255,000
d. $88,000

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

If cost of goods sold is $520,000 and the gross profit rate is 20%, what is the gross profit? Select one: a. $2,600,000. b. $130,000. c. $ 520,000. d. $416,000.
1. Given this information, what is the profit percent? Format your answer to two decimal places and add a %-sign (i.e. 4.52%) Net Sales $561,800 Cost of Goods Sold 275,280 Expenses 253,936 2. Given this information, what is the profit dollars? Round your answer to the dollar and add a dollar sign and comma separator (i.e. $15,467) Net Sales $561,800 Cost of Goods Sold 275,280 Expenses 253,936 3. Given the information below, what is the profit dollars? Round your answer to the dollar and add a dollar sign and comma separator (i.e. $15,467) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140 4. Given the information below, what is the profit percent? Round your answer to two decimal places and add a percent sign (i.e. 15.37%) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140 5. Given the information below, what are…
A company has sales of $695,000 and cost of goods sold of $278,000. Its gross profit equals: Multiple Choice $(417,000). $695,000. $278,000. $417,000. $973,000.
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.
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
If a company has sales revenue of $631000, net sales of $500000, and cost of goods sold of $385000, the gross profit rate is 77%. 61%. 39%. 23%.
Solve this one
What is the gross profit on these general accounting question?
Answer me
If Swifty Corporation has net sales of $515000 and cost of goods sold of $365000, Swifty gross profit rate is 71%. 41%. 100%. 29%.
Accounting. If Indiana ink inc has net sales
I want to answer