The following amounts have been extracted from the accounts of Sell-It at its year-end, December 31, 20x9: Sales $75,000 Cost of Goods Sold $27,000 Inventory Account Payable $10,000 $8,000 The gross profit that Sell-it would report is?

The following amounts have been extracted from the accounts of Sell-It at its year-end, December 31, 20x9: Sales $75,000 Cost of Goods Sold $27,000 Inventory Account Payable $10,000 $8,000 The gross profit that Sell-it would report is?

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: I need answer of this question solution general accounting

A: To calculate the firm's price-earnings ratio (P/E ratio), we need the market price per share and the…

Q: Please provide this question solution general accounting

A: Step 1: Definition of Shareholders' EquityShareholders' equity is the residual interest in the…

Q: General accounting

A: Step 1: Definition of Variable Cost Per DogVariable cost per dog refers to the cost that varies…

Q: Can you please solve this accounting question?

A: Step 1: Define Common Stock Dollar AmountThe dollar amount for common stock on the balance sheet is…

Q: International inc. sales

A: To calculate the Degree of Operating Leverage (DOL) for International, Inc., we can use the…

Q: Provide correct answer general accounting

A: Step 1: Define Contribution Margin and Operating IncomeThe contribution margin is calculated by…

Q: I won't to this question answer general Accounting

A: To find the markup per tile and the percentage markup, follow these steps: 1. Markup per Tile:The…

Q: Hello tutor please provide correct answer general Accounting

A: Step 1: Define Gross MarginNet sales less the cost of goods sold represents a company's gross…

Q: General Accounting

A: Step 1: Income TaxWhen a monetary amount is paid by an individual or an organization on the total…

Q: Not use ai solution please given answer general Accounting

A: Step 1: Define Net Present ValueA project's net present value is a potential value that a project…

Q: Sarasota Company follows the practice of pricing its inventory at LCNRV, on an individual-item…

A: Sarasota Company follows the practice of pricing its inventory at LCNRY, on an individual-item…

Q: Suppose that James industries has annual sales of $7.47 million

A: Step 1: Meaning of Operating CycleOperating cycle is the total time from purchase of inventory to…

Q: Calculate Saturn's operating income using absorption costing? General accounting

A: Step 1: Definition of Absorption CostingAbsorption costing is a costing method where all…

Q: Allowance for Doubtful Accounts has a debit balance of $2,900 at the end of the year, before…

A: Explanation of Allowance for Doubtful Accounts:The Allowance for Doubtful Accounts is a contra-asset…

Q: What was the company's gross profit margin percentage?

A: Step 1: Define Gross ProfitGross profit is a financial matrix that refers to the total amount of…

Q: Crane and Loon Corporations, two unrelated C corporations, have the following transactions for 2015:…

A: Step 1: Determine the DRD PercentageFor domestic corporations, the DRD percentage depends on the…

Q: Financial accounting

A: As per CAPM, Required stock return = Risk-free rate + Beta*(Market rate-Risk-free rate) Required…

Q: Compute a fair rate of return for intel common stock.which has a solve this question

A: As per CAPM, Required stock return = Risk-free rate + Beta*(Market rate-Risk-free rate) Required…

Q: Net income

A: Step 1: Definition of Accumulated Other Comprehensive Income (AOCI)Accumulated Other Comprehensive…

Q: Calculate Crans accounts

A: Explanation of Net Credit Sales:Net credit sales refer to the total revenue generated from sales on…

Q: Provide answer financial accounting

A: Step 1: Define Intangible assetsThe intangible assets are that part of fixed assets which can't have…

Q: Hello teacher please help me with general accounting question

A: Step 1: Definitions of Key MetricsReceivables Turnover: This metric measures how many times a…

Q: subject - cost account

A: The Use of Surveys of Experts to Estimate Long-Run Production CostsSurveys of experts are often used…

Q: General Account Questions Answer nned

A: The correct answer is:b. The contribution margin is the amount that is available to cover fixed…

Q: Please given correct answer general accounting

A: To calculate Sarah's net earnings for the week, we can follow these steps: Step 1: Calculate the…

Q: Sterling electronics has announced net earnings solve this accounting questions

A: Step 1: Definitions of Key MetricsEarnings Per Share (EPS):EPS measures the amount of net earnings…

Q: General accounting

A: Step 1: Define Cost-Volume-Profit AnalysisCost-Volume-Profit Analysis is used to assess and monitor…

Q: Calculate the gross profit ratio for 2012?

A: Step 1: Introduction to income statementIncome statement is referred to as the financial statement…

Q: roe

A: Explanation of Equity Multiplier:This is a financial leverage ratio that measures how much of a…

Q: Summit manufacturing incurred solve this accounting questions

A: Step 1: Definition of Cost Per UnitCost per unit is the total cost incurred to produce a single unit…

Q: Not use ai solution financial accounting

A: Step 1: Define Net IncomeNet income can be defined as the total amount of money received by a…

Q: Financial Account - On March 1, 2019, Baltimore Company's beginning work in process inventory had…

A: To calculate the equivalent units of production (EUP) for conversion costs using the…

Q: Vyom Inc. Produces and sells a single product

A: Given:- Selling price per unit = **$240**- Variable cost per unit = **$75**- Fixed costs =…

Q: Magnum manufacturing two types of kayak solution general accounting question

A: Total Overhead for Deluxe KayakThe Deluxe kayak's activity-based usage quantities are:Fabrication:…

Q: Please provide this question solution general accounting

A: To calculate Return on Equity (ROE), we use the DuPont formula: ROE = Profit Margin × Total Asset…

Q: Solve this question financial accounting

A: The formula for calculating Gross Profit Percentage is: Gross Profit Percentage = (Gross Profit ÷…

Q: Wyly Inc. produces and sells a single product. The selling price of the product is $245.00 per unit…

A: To calculate the break-even sales in dollars, we use the formula: Break-even Sales in…

Q: The following reflect the forecast of Viathon Manufacturers for the year 2020 for the only product…

A: Viathon Manufacturers provided the following data for its operations in 2020:Total Production Cost:…

Q: Don't use ai given answer accounting questions

A: To calculate the ending balance of accumulated other comprehensive income (AOCI), we need to…

Q: True answer financial accounting

A: Calculation Product Cost per Cookie: Step 1: Determine the total variable manufacturing cost.The…

Q: this is general account problems.

A: Step 1: Data ProvidedItemUnitsUnit CostMarket…

Q: Not use chart gpt please solve this question general Accounting

A: To estimate the cost of the ending inventory, we can use the gross profit method. Here's the…

Q: Last year, the House of Pink had sales of $736,750, net operating income of $61,000, and operating…

A: Explanation of Turnover:Turnover, also known as asset turnover, is a financial ratio that measures a…

Q: Craft Company produces a single product. Last year, the company had a net operating income of…

A: To determine the sales volume for Craft Company, we use the difference between the net operating…

Q: What is an Accounting Firm's industry analysis and its importance? Consider the following in the…

A: An industry analysis is a comprehensive review of a market sector or industry. It provides…

Q: Not use chart gpt solve this question financial accounting

A: Step 1: Define Absorption CostingAbsorption costing, also known as full costing or the full costing…

Q: Need help with this financial accounting question

A: Step 1: Define Sales RevenueSales revenue is the amount of goods or services sold by the business…

Q: general account

A: This problem involves a weighted-average process costing system, where we account for beginning…

Q: Can you provide solutions??

A: Step 1: Identify units completed and transferred outStep 2: Calculate equivalent units for ending…

Q: On June 30, 2019, after adjusting entries were posted, Asu Company sold a machine. The historical…

A: Explanation of Historical Cost:Historical cost represents the original purchase price or acquisition…

Question

Accounting 12

The following amounts have been extracted
from the accounts of Sell-It at its year-end,
December 31, 20x9:
Sales
$75,000
Cost of Goods Sold $27,000
Inventory
Account Payable
$10,000
$8,000
The gross profit that Sell-it would report is?

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

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
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for Sundahl Company above. Required: 1. Prepare a common-size income statement for Year 1 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 2 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
Help
Need help give answer
Determining Gross Profit During the current year, merchandise is sold for $11,750,000. The cost of the goods sold is $7,050,000. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number. % c. When will the income statement report net income?
Need answer the general accounting question