The following amounts have been extracted from the accounts of Sell-It at its year-end, December 31, 20x9: Sales $ 50,000 Cost of Goods Sold $ 35,000 Inventory $ 10,000 Account Payable $8,000 The gross profit that Sell-it would report is: a. $40,000 b. None of the other alternatives are correct c. $7,000 d. $15,000 e. $50,000

The following amounts have been extracted from the accounts of Sell-It at its year-end, December 31, 20x9: Sales $ 50,000 Cost of Goods Sold $ 35,000 Inventory $ 10,000 Account Payable $8,000 The gross profit that Sell-it would report is: a. $40,000 b. None of the other alternatives are correct c. $7,000 d. $15,000 e. $50,000

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

Similar questions

Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
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.)
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?
The following amounts have been extracted from the accounts of Sell-It at its year-end, December 31, 20x9: Sales $50,000 Cost of Goods Sold $35,000 Inventory Account Payable $10,000 $8,000 The gross profit that Sell-it would report is: a. $40,000 b. None of the other alternatives are correct c. $7,000 d. $15,000 e. $50,000
general accounting. MCQ
Given answer me accounting
What is the estimated cost of goods sold for the current year? Problem 13-3 (AICPA Adapted) The following information is available for the current year: Wecent history, the entity had a gross profit of 25% on sales. Beginning inventory Purchases Purchase returns Sales Sales returns Sales allowances Uhat is the estimated cost of goods sold for the current year? 520,000 4,120,000 60,000 5,600,000 400,000 100,000 a. 3,360,000 b. 3,830,000 c. 3,900,000 d. 3,825,000
General accounting
Need help give answer
Help
Ans please general accounting