Thompson TV and Appliance reported the following in its 2021 financial statements:2021$423,000SalesCost of goods sold:80,000Inventory, January 1Net purchases320,000400,000104,000Goods available for saleInventory, December 31Cost of goods soldGross profit296, 000$127,000Thompson's 2021 gross profit ratio is: (Round your answer to the nearest whole percentage.)Multiple Choice24%33%.30%None of these answer cholces are correct.O wordsText Predictions: On* Accessibility: Investigate

Gross Profit: Difference between the sales and the cost of goods sold is called Gross Profit.…

Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 $423,000 Sales Cost of goods sold: Inventory, January 1 Net purchases 80,000 320, еее Goods available for sale 400, 000 104,000 Inventory, December 31 Cost of goods sold 296,000 $127,000 Gross profit Thompson's 2021 gross profit ratio is: (Round your answer to the nearest whole percentage.) Multiple Choice 24% 33% 30% None of these answer cholces are correct

Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 $423,000 Sales Cost of goods sold: Inventory, January 1 Net purchases 80,000 320, еее Goods available for sale 400, 000 104,000 Inventory, December 31 Cost of goods sold 296,000 $127,000 Gross profit Thompson's 2021 gross profit ratio is: (Round your answer to the nearest whole percentage.) Multiple Choice 24% 33% 30% None of these answer cholces are correct

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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%
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 Sales $ 562,795 2019 $ 299,200 338,803 Cost of goods sold Gross profit 191,488 223,992 107,712 Selling expenses 79,917 39,494 Administrative expenses 50,652 24,834 Total expenses 130,569 64,328 Income before taxes 93,423 43,384 Income tax expense 17,377 8,807 Net income $ 76,046 $ 34,577 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 Assets Current assets $ 38,127 $ 56,965 0 Long-term investments 700 97,740 Plant assets, net Total assets 107,436 $164,401 $ 136,567 Liabilities and Equity Current liabilities $ 20,348 Common stock 68,000 $ 24,003 68,000 8,500 63,898 Other paid-in capital 8,500 Retained earnings 39,719 Total liabilities and equity $164,401 $ 136,567 2020 $431,147 273,778 157,369 59,498 37,941 97,439 59,930 12,286 $ 47,644 2019 $ 50,967 4,550 57,629 $ 113,146 $ 19,801 50,000 5,556 37,789 $113,146 4
Selected financial statement data for Schmitzer Inc. is shown below: 2021 2020 Balance sheet: Inventories 60,000 48,000 Ratios: Gross profit ratio for 2021 40 % Inventory turnover ratio for 2021 5 What was the amount of net sales for 2021?
The income statement of Sunland Company is shown below. SUNLAND COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,630,000 Cost of goods sold Beginning inventory $1,840,000 Purchases 4,520,000 Goods available for sale 6,360,000 Ending inventory 1,530,000 Cost of goods sold 4,830,000 Gross profit 1,800,000 Operating expenses Selling expenses 450,000 Administrative expenses 660,000 1,110,000 Net income $690,000 Additional information: 1. Accounts receivable decreased $290,000 during the year. 2. Prepaid expenses increased $180,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $260,000 during the year. 4. Accrued expenses payable decreased $120,000 during the year. 5. Administrative expenses include depreciation expense of $60,000.…
Sisyphus Inc. records total sales of $657,500 in the current period, with a cost of goods sold of $389,000 . Sisyphus expects 4% of sales to be returned. How much in net sales will Sisyphus recognize for the current period? Group of answer choices $373,400 $268,500 $631,200 $657,500 $257,760 The Sisyphus Inc’s (SSY) Company’s annual statement of cash flows reported the following (in millions): Net cash from financing activities $63,864 Net cash from investing activities -62,512 Cash at the beginning of the year 13,152 Cash at the end of the year 18,948 What did SSY report for “Net cash from operating activities” during the year? Group of answer choices $71,220 million cash inflow None of the above $4,444 million cash outflow $4,444 million cash inflow $71,220 million cash outflow
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The income statements of Cullumber Corporation show the following amounts: 2020 2019 2018 Net sales $740 $710 $660 Cost of goods sold 540 509 449 Gross profit 200 201 211 Selling, general, and administrative expenses 190 150 110 Profit before tax 10 51 101 Using vertical (common-size) analysis, analyze Cullumber Corporation’s declining profit before tax. (Round answers to 0 decimal places, e.g. 52%.) 2020 2019 2018 Net sales % % % Cost of goods sold % % % Gross profit % % % Selling, general, and administrative expenses % % % Profit before tax % % %
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Anthony Corporation reported the following amounts for the year: Net sales 296,000 Cost of goods sold 138,000 Average inventory 50,000 Anthony's gross profit ratio is: 53.4%. 51.9%. 50.3%. 46.6%. Anthony's average days in inventory is: 70 days. 114 days. 132 days. 151 days. A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals: 5 times. 10 times. 20 times. 30 times. [Last question is in the picture attached]