Using the following information what is the amount Using the following information, what is the amount of gross profit?Purchases$32,000 Purchases discounts$960MerchandiseinventoryMerchandiseinventory5,7006,370September 1September 30Sales returns and allowances 910Sales63,000Purchasesreturns and1,200Freight In1,040allowancesA. 34,870B. 31,880C. 27,460D. 62,090

Step 1: Define Gross ProfitGross profit can be located on the trading statement of a company. This…

Answered: Using the following information, what…

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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Financial information is presented below: Operating Expenses Sales Returns and Allowances Sales Discounts Sales Revenue Cost of Goods Sold Gross profit would be O $126400. O $144500. O $113700. O $24200. $ 89500 18100 12700 319200 174700
A company shows the following balances: Sales Revenue $2962000Sales Returns and Allowances 402000Sales Discounts 60000Cost of Goods Sold 1350000 What is the gross profit rate? 46.0%58.0%54.0%66.0%
Using the following information, what is the amount of gross profit? Purchases $ 31,501 Selling expenses $ 788 Merchandise inventory, September 1 6,486 Merchandise inventory, September 30 9,529 Administrative expenses 1,194 Sales 49,224 Rent revenue 588 Interest expense 1,105 a. $20,766 Ob. $49,224 Oc. $19,978 Od. $77,682
Using the following information, what is the amount of net income? Purchases $ 25,599 Selling expenses $ 838 Merchandise inventory, September 1 6,382 Merchandise inventory, September 30 11,356 Administrative expenses 765 Sales 47,294 Rent revenue 908 Interest expense 1,144 O a. $27,118 Ob. $24,830 Oc. S18,448 Od. S36,186
The following accounting records reveal: A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales. c. P230,000 c. P30,000 P110, 000 P60,000 P250,000 P10,000 P70,000 d. P24,000 d. P200,000
Using the accounts and amounts below, calculate Net Sales: Account Amount Sales Revenue $142,055 Purchase Discounts 1,886 Sales Discounts Sales Returns and Allowances 2,881 2,515 Cost of Goods Sold 40,889
Using the following information, what is the amount of net income? Purchases $28,714 Selling expenses Merchandise inventory, September 1 7,646 Merchandise inventory, September 30 Administrative expenses 691 Sales Rent revenue 720 Interest expense Oa. $25,296 Ob. $32,325 Oc. $15,782 Od. $23,428 $639 8,897 52,435 934
Prepare SCI using multi-step approach
Using the following information, what is the amount of net income? Purchases $25,987 Selling expenses $693 Merchandise inventory, September 1 7,575 Merchandise inventory, September 30 8,525 Administrative expenses 955 Sales 50,914 Rent revenue 1,194 Interest expense 848 a.$17,000b.$26,271c.$24,575d.$33,100
Using the following information, what is the amount of gross profit? Purchases $ 25,449 Selling expense $ 970 Inventory, September 1 5,138 Inventory, September 30 8,660 Administrative expense 545 Sales 55,013 Rent revenue 844 Interest expense 907 A. $907 B. $21,927 C. $24,542 D. $33,086
can you please solve it
Financial information is presented below: Operating Expenses 91400 Sales Returns and 18400 Allowances Sales Discounts 12700 Sales Revenue 320900 Cost of Goods Sold 173100 The amount of net sales on the income statement would be O $ 302500. O $ 308200. O $ 320900. O $ 289800.

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