Provide answer this accounting question Walker TV and Appliances reported the following in its 2016 financial statements:2021Sales $420,000Cost of goods sold:Inventory, January 182,000Net purchases 340,000Goods available for sale 422,000Inventory, December 31 86,000Cost of goods sold 336,000Gross profit $84,000Walker's 2016 gross profit ratio is:A. 25%B. 19%C. 20%D. None of the above

Step 1: Identify the formula: Gross Profit Ratio = (Gross Profit / Sales) × 100Step 2: Locate the…

Answered: Walker TV and Appliances reported the…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 33BE

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The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
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The following information is available for the Brown Company for 2016: Gross profit $30,000 Net sales 500,000 Beginning inventory 220,000 Ending inventory 40,000 What was the amount of net purchases? a. $290,000 b. $210,000 c. $180,000 d. $150,000
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Carla Vista Enterprises reported the following information for 2014: Beginning inventory $ 37,760 Cost of goods sold 476,720 Ending inventory 53,100 Net income 32,745 Net sales 885,000 Operating expenses 259,600 Sales revenue 902,700 Compute each of the following ratios: (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.) (1) Gross profit rate enter percentages % (2) Inventory turnover enter ratio in number of times times (3) Days in inventory enter a number of days days (4) Profit margin enter percentages %
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The following balances are taken from the Statement of Comprehensive Income of JR Bellen Trading. 2016 2017 2018 Sales 180,000 a 193,000 Sales Returns and Allowances 12,000 4,000 3,200 Sales Discounts 3,500 6,800 b Net Sales 41,200 d. Merchandise Inventory, Beg. 8,600 f e Purchases 137,900 31,240 125,000 Purchase Returns 3,200 g 15,400 Freight-In 5,600 9,800 5,700 Merchandise Inventory, End 10,200 19,000 h Cost of Goods Sold i 125,800 Gross Profit k 10,560 63,500 Required: Compute for the missing amounts
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Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021–2015 ($ thousands) 2021 2020 2019 2018 2017 2016 2015 Sales $ 2,260 $ 1,979 $ 1,801 $ 1,651 $ 1,540 $ 1,432 $ 1,174 Cost of goods sold 1,625 1,322 1,137 995 925 865 689 Gross profit 635 657 664 656 615 567 485 Operating expenses 483 378 347 256 222 219 182 Net income $ 152 $ 279 $ 317 $ 400 $ 393 $ 348 $ 303 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021–2015 ($ thousands) 2021 2020 2019 2018 2017 2016 2015 Assets Cash $ 111 $ 147 $ 153 $ 156 $ 162 $ 160 $ 165 Accounts receivable, net 800 840 760 583 514 487 343 Merchandise inventory 2,893 2,106 1,840 1,551 1,393 1,183 858 Other current assets 74 67 41 74 62 63 33 Long-term investments 0 0 0 228 228 228 228 Plant assets, net 3,541 3,527 3,086 1,740 1,799 1,599 1,373 Total assets $ 7,419 $ 6,687 $ 5,880 $ 4,332 $ 4,158 $ 3,720 $ 3,000 Liabilities and…
The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.) Cullumber Supply CompanyIncome Statement for the Fiscal Year Ended June 30, 2017($ thousands) % of Net Sales Net sales $2,111,000 enter percentages of net sales % Cost of goods sold 1,464,000 enter percentages of net sales % Selling and administrative expenses 312,200 enter percentages of net sales % Nonrecurring expenses 27,600 enter percentages of net sales % Earnings before interest, taxes, depreciation, and amortization (EBITDA) $307,200 enter percentages of net sales % Depreciation 117,000 enter percentages of net sales % Earnings before interest and taxes (EBIT) 190,200 enter percentages of net sales % Interest expense 118,600 enter percentages of net sales % Earnings before taxes (EBT)…

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