**Problem Statement:**Using the accounts and amounts below, calculate **Gross Profit**:| Account | Amount ||-----------------------------|---------|| Sales Revenue | $124,357|| Net Sales | 124,835 || Sales Returns and Allowances| 2,971 || Cost of Goods Sold | 37,343 || Operating Expenses | 20,156 |**Instructions:**To calculate the Gross Profit, use the formula:\[ \text{Gross Profit} = \text{Net Sales} - \text{Cost of Goods Sold} \]**Note:**Net Sales is the Sales Revenue minus Sales Returns and Allowances.

The formula for calculating gross profit = Revenue - Cost of Goods Sold Revenue = Net revenue. i.e…

Answered: Using the accounts and amounts below,…

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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Using the following information, what is the amount of gross profit? Purchases $30,118 Selling expenses $697 Merchandise inventory, September 1 5,063 Merchandise inventory, September 30 9,860 Administrative expenses 984 Sales 51,408 Rent revenue 879 Interest expense 1,010 a.$51,408 b.$25,390 c.$26,087 d.$76,729
Subject - account Please help me. Thankyou.
Presented below are certain account balances of Splish Products Co. Rent revenue $6,810 Sales discounts $8,080 Interest expense 13,280 Selling expenses 99,900 Beginning retained earnings 114,710 Sales revenue 404,200 Ending retained earnings 134,920 Income tax expense 26,028 Dividend revenue 71,170 Cost of goods sold 200,378 Sales returns and allowances 12,960 Administrative expenses 79,380 Allocation to noncontrolling interest 20,680 From the foregoing, compute the following: (a) total net revenue, (b) net income, (c) income attributable to controlling stockholders, if Splish has allocation to noncontrolling interest of $20,680. (a) Total net revenue $enter total net revenue in dollars (b) Net income $enter net income in dollars (c) Income attributable to controlling stockholders $enter income attributable to controlling stockholders in dollars
Calculate the missing information based on the format of the income statement. Cost of Goods Sold Operating Expenses Net Sales $336,500 Submit Answer $132,100 Gross Margin ($) $107,000 $ Net Profit ($)
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Using the following information, what is the amount of net income? Purchases $32,000 Selling expenses $ 960 Merchandise inventory, September 1 5,700 Merchandise inventory,September 30 6,370 Administrative expenses 910 Sales 63,000 Rent revenue 1,200 Interest expense 1,040 a. $28,760 b. $29,960 c. $31,670 d. $29,800
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Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small retail business. Sales $119,500 Sales returns and allowances 960 Sales discounts 650 Merchandise inventory, January 1 34,900 Purchases during the period 77,700 Purchases returns and allowances during the period 4,070 Purchases discounts taken during the period 2,260 Freight-in on merchandise purchased during the period 1,360 Merchandise inventory, December 31 32,000
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Using the accounts and amounts below, calculate Gross Profit: Account Amount Sales Revenue $124,357 Net Sales 124,835 Sales Returns and Allowances 2,971 Cost of Goods Sold 37,343 Operating Expenses 20,156