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

Step 1: Definition of Gross Profit:Gross Profit represents the profit a company earns from its core…

Answered: The following amounts have been…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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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?
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
1. PAKIALAMERA KO Company provided the following data for the current year: Inventory, January 1 P2,000,000, Purchases P7,500,000, Purchase Returns and Allowances P500,000, Sales returns and allowances P750,000, Inventory, December 31 P2,800,000, Gross profit rate 20%. What is the amount of Cost of goods sold?
am. 113.
What is the amount of gross sales for the current year?
Cost of goods sold for Abe Distributors was $550,330 for the year. If the beginning inventory at cost was $118,700 and the ending inventory at cost was $303,400, find the inventory turnover at cost. (Round your answer to the nearest tenth.) a. 2.6 b. 2.7 c. 4.8 d. 5.1
Shelcal, Inc. provides the following data for the year 2019: Net Sales Revenue, $437,690; Cost of Goods Sold, $255,000. O The gross profit as a percentage of net sales is (Round your answer to two decimal places.) OA) 37.96% OB) 39.80% OC) 60.20% OD) 40.8%
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?
Ronda Company provided the following data for the current year: Inventory, January 1- P2,000,000 Purchases P7,500,000 Purchase returns and allowances - P500,000 Sales returns and allowances - P750,000 Inventory, December 31 - P2,800,000 Gross profit rate based on sales - 20% What is the amount of gross sales for the current year? (A) P7,750,000 B P9,125,000 C P8,500,000 D) P7,000,000

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